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Petrobras and Statoil take partnership to new level in offshore Campos Basin fields

Brazil’s struggling state oil firm Petrobras and Norwegian multinational Statoil are expanding their partnership to help turn around production drop-offs in the Campos Basin offshore Brazil, according to Reuters.

Petrobras, heavily indebted and burdened by a bribery scandal, has not been getting the most out of some ageing wells in the Campos Basin, near Rio de Janeiro.

Statoil has a proven record of maximizing oilfield productivity. Now the Norway-based firm will take as yet unspecified stakes in these fields in return for fresh investment and technological assistance.

In August the companies signed a Memorandum of Understanding (MOU) in Stavanger, Norway, where Statoil is headquartered. The Norwegian state has a majority interest in Statoil. The purpose of the MOU was to enable more co-operation and joint ventures between the companies.

The latest move follows other developments between the firms. In July Statoil paid $2.5bn to buy Petrobras’ 66% stake in the Carcara field offshore Brazil.

In April the companies – along with Spanish/Chinese JV Repsol Sinopec Brasil – made a big joint find in the Campos Basin.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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