Petrobras and Statoil have signed a Memorandum of Understanding (MOU) to facilitate more co-operation and joint ventures between the two energy giants.
Statoil is a multinational in which the Norwegian government has a controlling interest, while Petrobras is Brazil’s state-run oil firm.
The MOU, agreed in Stavanger, Norway, at the Offshore Northern Seas (ONS) Conference, pertains to potential team-ups on projects in the pre-salt polygon of the Santos and Campos basins offshore Brazil.
It is seen as mutually beneficial, with Petrobras’ local knowledge and technical know-how balancing Statoil’s proven record at maximizing production from oilfields.
The deal comes after last month’s (July’s) transaction whereby Statoil bought Petrobras’ 66% stake in the Carcara field offshore Brazil for $2.5bn.
And in April Statoil and Petrobras struck a big find in the Campos basin, in a joint operation with Spanish and Chinese JV Repsol Sinopec Brasil.