Oil & Gas

Statoil and Petrobras strike agreement for Santos and Campos basins

Statoil CEO Eldar Sætre (left), with Petrobras CEO, Pedro Parente, earlier this year.

Statoil and Petrobras have signed a Memorandum of Understanding (MoU) with one another.

The Norwegian operator said the intention of the agreement is to evaluate joint participation in future tenders for exploration areas and to oncrease upstream collaboration in producing fields in both the Santos and Campos offshore basins.

The agreement has also set out a potential framework for cooperation on value looking to create opportunities in the gas value chain.

The agreement was signed by Petrobras’ president and chief exeucitve Pedro Parente and Statoil’s CEO Eldar Sætre during the ONS 2016 conference in Stavanger.

Statoil chief executive, Eldar Sætre, said:”This MoU reflects our long-term commitment to Brazil and is a result of our strong and long-standing relationship with Petrobras. Collaboration with partners like Petrobras, a company well-known for its technical expertise and profound knowledge about one of our core strategic areas, represents an excellent opportunity for us. We hope that this will result in significant value creation potential for both parties.”

The agreement has a horizon of two years.

Statoil said the joint activities undertaken will depend on negotiations following the signing of the document.

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