Statoil and Petrobras sign agreement to expand partnership in Brazil

Statoil and Petrobras signed an MOU (Memorandum of Understanding-MoU). The intent of the MoU is to evaluate the joint participation in future bids for exploration areas and expand cooperation in upstream in the fields and basins producers fields.

The agreement also establishes a cooperation model potential in generating opportunities on the gas value chain. The MoU was signed by the President of Petrobras, Pedro Parente, and the CEO of Statoil, Eldar Sætre, during the ONS Conference 2016, in Stavanger, Norway, and follows the agreement signed in July 2016, in which Statoil will acquire 66% of Petrobras ' participation in offshore block BM-S-8, located in the Santos basin, the acquisition is subject to the approval of the Government.

Through this agreement, Petrobras and Statoil will continue its strategic alliance in the area of oil exploration, with the intention of defining opportunities in the polygon of pre-salt Santos and Campos basins. The two companies also seek to capture value through the application of technology and simplification of operational activities. Currently, Petrobras and Statoil are partners in 13 blocks for exploration or production; 10 in Brazil and three abroad.

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