Petrobras, bp to expand exploration, production ventures with new E&P contract

(WO) – Petrobras and bp signed a Memorandum of Understanding (MoU) to promote discussions and collaboration between the two companies. The non-binding agreement focuses on business opportunities in exploration, and production (E&P), sustainable fuels, carbon credits, refining. The companies will also work together on research, development, and innovation projects.

The two companies are already partners in exploration blocks in the Exploration & Production segment, including Alto de Cabo Frio Central, Campos basin, and Barreirinhas basin, all operated by Petrobras.

The memorandum will last for two years. Committees of representatives from both companies will be set up to monitor the progress of the studies and discussions.

"We're going to deepen our conversations in order to exchange knowledge, synergize assets and develop opportunities for products and businesses that meet the needs of an increasingly demanding society and market," said Petrobras president Jean Paul Prates.

“As partners in exploration blocks in offshore Brazil, bp and Petrobras have built a strong relationship – and I am delighted about this opportunity to bring together our complimentary skills, experience and capabilities to extend our existing cooperation into exciting new areas in Brazil and potentially aboard.” said William Lin, bp EVP Regions, Corporates and Solutions.