Petrobras, Statoil strengthen ties

Statoil and Petrobras have signed a letter of intent to expand their cooperation in exploration.

Offshore staff

STAVANGER, Norway -- Statoil and Petrobras have signed a letter of intent to expand their cooperation in exploration.

This could take the form of joint participation in public bid rounds for new exploration acreage. Another initiative will entail a joint screening study to evaluate potential operational synergies.

A technology agreement has been in place between the two companies for some time, and has led to information sharing and a joint commitment to common technology projects.

Statoil recently became a production operator off Brazil when it brought onstream Phase 1 of the Peregrino field development in Campos basin licenses BMC-7 and BMC-47.

05/26/2011

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