BP PLC and Petroleo Brasileiro SA (Petrobras) have signed a memorandum of understanding to explore broad areas of cooperation.
A press statement said the companies have “committed to exploring potential joint commercial agreements in areas of mutual interest in upstream, downstream, trading, and across low-carbon initiatives, inside and outside Brazil.”
The alliance is expected to include technology transfer, joint training, and research.
BP and Petrobras are partners in 16 exploration blocks in Brazil. Both are members of the Oil & Gas Climate Initiative.
