Oil giant BP has today announced a strategic alliance with Braziallian firm Petrobras to explore joint projects in South America.
Signing a memorandum of understanding, BP said that the union will allow the companies to explore “potential joint commercial agreements in areas of mutual interest”.
The deal will see BP and Petrobras explore opportunities in and around Brazil in upstream and downstream.
BP also confirmed that the alliance will allow both companies to include the sharing of technology, as well as joint training and research.
Pedro Parente, president of Petrobras, said: “Our partnership is based on common values and business principles that guide both companies. We started by joining forces in the last bidding rounds and now we are working to expand the partnership further, beyond upstream.”
Bob Dudley, BP chief executive officer, said: “Petrobras is a world-class energy company with which BP has built strong relationships over many years. We are now excited to deepen our partnership and explore even more opportunities together across all our businesses – in the upstream, downstream, trading and low carbon – both in Brazil and beyond. We believe that working together in this alliance can deliver real value for both BP and Petrobras.”