Brazil’s state oil firm Petrobras and French supermajor Total on Tuesday signed contracts sealing their strategic alliance and firming up agreements in a Memorandum of Understanding of October 2016.
Much of the $2.2bn-worth of deals covered by the contracts involve Brazilian offshore oilfields in which Total will be taking stakes.
These include 22.5% of the Iara concession and 35% of the Lapa field, both in the Santos Basin.
The contracts will also help enhance technical cooperation in operations, research and technology the two parties say.
Petrobras and Total were already partners in developing the giant Libra area, also in the Santos Basin.
Other parts of the deals involve Total taking 50% interest in two onshore cogeneration plants.