STAVANGER, Norway – Statoil and Petrobras have signed a memorandum of understanding (MoU) to evaluate joint participation in future tenders for exploration areas and increase upstream collaboration in producing fields in the Santos and Campos basins.
The agreement also sets out a potential framework for cooperation on value creating opportunities in the gas value chain.
The agreement was signed by Petrobras President and CEO Pedro Parente and Statoil CEO Eldar Sætre during the ONS 2016 conference.
It follows the agreement in July 2016 whereby Statoil acquired Petrobras’ 66% operated interest of the BM-S-8 offshore license in the Santos basin, subject to government approval.
The two E&P giants will continue their exploration strategic alliance, with the intent to define opportunities in the presalt polygon of the Santos and Campos basins.
The companies aim to capture value through application of technology and simplification of operational activities. Currently, Petrobras and Statoil are partners in 13 blocks in either exploration or production; 10 in Brazil and three abroad.
The agreement has a horizon of two years, and the joint activities undertaken will depend on negotiations following the signing of the document.
In a joint statement, the Petrobras chief highlighted Statoil’s accomplishments in the area of improved oil recovery (IOR) on the same day that the operator was formally recognized for the same. Director General of the Norwegian Petroleum Directorate, Bente Nylund awarded Statoil the NPD’s prize IOR for the Åsgard subsea gas compression effort.