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.