Petróleo Brasileiro SA (Petrobras) and Shell plc signed a memorandum of understanding (MoU) to identify potential upstream opportunities.
The MoU was signed during CERAWeek in Houston by Petrobras chief executive officer Jean Paul Prates and Shell’s chief executive officer Wael Sawan to encourage discussion and collaboration between the companies, Petrobras said in a Mar. 9 release.
The 5-year, non-binding agreement focuses on potential exploration opportunities in and beyond Brazil’s presalt region, including the Equatorial Margin. It also contemplates energy transition efforts, with an emphasis on renewables and carbon capture, utilization, and Storage (CCUS).