RIO DE JANEIRO and PARIS – Pedro Parente, CEO of Petrobras, and Patrick Pouyanné, chairman and CEO of Total, have signed a memorandum of understanding to form a strategic alliance covering upstream and downstream activities within Brazil and abroad.
One area the companies intend to focus on initially is the upstream industry. Petrobras will help Total in partnering on Brazilian projects, and Total will help the Brazilian giant in forming international project partnerships.
This new partnership will allow both companies to combine their experience and expertise in deepwater development to optimize the production and jointly develop this strategic area of activity in Brazil and in other high potential oil and gas provinces, as well as sharing costs and risks in projects with high investment and complexity.
The second phase of the MoU will focus the partnership’s collaboration on the Brazilian downstream market.
Currently, Petrobras and Total are jointly participating in 15 consortiums worldwide in exploration and production, nine of which are in Brazil and six abroad. In Brazil, the companies are partners in the development of the giant Libra area, which is the first production-sharing contract in the Santos basin presalt. Outside Brazil, the companies are partners on the Chinook field in the Gulf of Mexico, on the deepwater Akpo field in Nigeria, as well as some onshore projects.