Petroleo Brasileiro SA (Petrobras) and BP PLC have signed a letter of intent to jointly identify and evaluate business opportunities involving assets or ventures in Brazil and abroad.
The agreement outlines cooperation in exploration and production, refining, transportation and commercialization of gas, LNG, oil trading, lubricants, aviation fuel, power generation and distribution, renewable energy, technology, and low carbon initiatives.
Petrobras and BP teamed up in Brazil’s second and third presalt tender rounds to acquire E&P rights for Alto de Cabo Frio Central block and Peroba block (OGJ Online, Oct. 30, 2017). The companies will split interest in Alto de Cabo Frio Central block and each hold 40% interest in Peroba block alongside China National Oil & Gas Exploration & Development Corp., a subsidiary of China National Petroleum Corp. (CNPC), which will hold the remaining 20%.
Petrobras in July also signed a memorandum of understanding with CNPC with the objective of forming a strategic alliance.