Petrobras, Statoil sign upstream MOU for work offshore Brazil

Statoil ASA and Petroleo Brasileiro SA (Petrobras) have signed a memorandum of understanding to serves as a framework for the evaluation of joint participation in future tenders for exploration areas and the increase of upstream collaboration in producing fields in the Santos and Campos basins offshore Brazil.

“The agreement also sets out a potential framework for cooperation on value creating opportunities in the gas value chain,” Statoil said.

The MOU follows an agreement signed in July whereby Statoil acquired Petrobras’s 66% operated interest of the BM-S-8 offshore license in the Santos basin, subject to government approval (OGJ Online, July 29, 2016).

The companies aim to capture value through application of technology and simplification of operational activities, Statoil noted. Petrobras and Statoil currently are partners in 13 blocks in either exploration or production; 10 in Brazil and three abroad.

The agreement has a 2-year horizon.