31 August 2016 - 18:17
  • News Code: 268237
Petrobras, Statoil Sign MOU

TEHRAN, Aug 31(Shana) - Statoil and Petrobras have signed a memo of understanding to strengthen their cooperation in Brazil.

Petrobras and Statoil are already partners in 13 blocks at either the exploration or the production phase: ten in Brazil and three abroad. Statoil already owns has a 60% interest in the Peregrino field 85 km offshore Rio, the largest oilfield operated by Statoil outside Norway. In addition, Statoil last month agreed to buy Petrobras’ 66% operated interest of the BM-S-8 license on Brazil's offshore Santos basin for $2.5bn, subject to government approval.

Under the new MOU, the two state-led companies will evaluate joint participation in future tenders for exploration areas and increase upstream collaboration in producing fields in Brazil's offshore Santos and Campos basins. Their agreement also sets out a potential framework for cooperation on value-creating opportunities in the gas value chain.

The MOU was signed on August 30 by Petrobras CEO Pedro Parente and his Statoil counterpart Eldar Saetre at the ONS 2016 conference in Stavanger. It will last two years and any joint activities undertaken will depend on negotiations following the signing of the document, said Statoil.

Natural Gas Europe, Mark Smedley

News Code 268237

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