Rio de Janeiro – Brazil’s oil company Petrobras and Norway’s Statoil, both of which are state-run, are set to broaden their partnership for bids for oil and gas exploration block tenders, and for the development of enhanced oil recovery (EOR) technology.
The two companies signed on to a memorandum of understanding this Tuesday (30) whereby they pledge to look into opportunities and carry out further strategic work. Petrobras said in a statement that the two companies will work towards bidding jointly in future tenders for exploration blocks.
For Petrobras, the memorandum of understanding is a continuation of the partnership already in place between the two companies, in Brazil and elsewhere, and it captures value by using new EOR technologies, as well as by streamlining operational activities. The Petrobras/Statoil consortium spans 13 different blocks, in exploration or production stages, 10 of which are in Brazil, and three in other countries.
*Translated by Gabriel Pomerancblum
