Petrobras, BP form alliance
BP and Petrobras have signed a memorandum of understanding to form a strategic alliance to jointly explore potential business opportunities both in Brazil and beyond.
The MoU will see the companies explore cooperation in areas including upstream, downstream, trading, and across low carbon initiatives.
The alliance is also expected to include the transfer of technology, as well as joint training and research.
Petrobras President Pedro Parente said: “Our partnership is based on common values and business principles that guide both companies.”
The companies already have joint interests in 16 exploration blocks in Brazil. Most recently they acquired exploration and production rights for two blocks in theoffshore Santos presalt basin.