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Statoil and Petrobras sign MoU

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LNG Industry,

Statoil and Petrobras have signed a memorandum of understanding (MoU) to strengthen their cooperation in Brazil. In particular, the two companies intend to evaluate joint participation in future tenders for exploration areas, and to increase upstream collaboration in producing fields in both the Santos and Campos offshore basins. Moreover, the MoU has set out a possible framework for cooperation on value-creating opportunities in the gas value chain.

The CEO of Statoil, Eldar Sætre, said: “This MoU reflects our long-term commitment to Brazil and is a result of our strong and long-standing relationship with Petrobras. Collaboration with partners like Petrobras, a company well-known for its technical expertise and profound knowledge about one of our core strategic areas, represents an excellent opportunity for us. We hope that this will result in significant value creation potential for both parties.”

The MoU follows an agreement that was reached in July 2016, in which Statoil acquired Petrobras’ 66% operated interest in the BM-S-8 offshore licence in the Santos basin, subject to approval by the government. Through this latest agreement, both companies will continue their exploration strategic alliance, with the aim of defining opportunities in the pre-salt polygon of the Santos and Campos basins.

Both parties are seeking to capture value through the application of technology and simplification of operational activities. At present, both companies are partners in 13 blocks in either exploration or production (10 are Brazil, whilst three are abroad).

The CEO of Petrobras, Pedro Parente, said: “We are moving into a strategic partnership that will be beneficial for both companies. Statoil has very high levels of oil recovery in their producing fields, for example, and we will have access to this experience and know-how through a partner, with obvious benefits for both sides."

In the statement, Statoil added that the MoU has a horizon of two years, and that the joint activities undertaken will depend on negotiations following the signing of the agreement.

Edited from press release by David Rowlands

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