Petrobras and Total inform that Pedro Parente, CEO of Petrobras, and Patrick Pouyanné, Chairman and CEO of Total, have signed today, in Rio de Janeiro, a memorandum of understanding which sets the general framework for a strategic alliance covering upstream and downstream activities in Brazil.
Through this agreement, the companies will join forces in some key areas of mutual interest and evaluate opportunities both in Brazil and abroad.
Pedro Pullen Parente (President of Petrobras) informed during the meeting held today with the press that the alliance will last two years in principle.
Currently, Petrobras and Total are jointly participating in 15 consortiums worldwide, operating in the fields of exploration and production.
Nine of these consortiums are carrying out projects 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 Brazilian pre-salt in Santos basin.
Outside Brazil, Petrobras and Total are partners on the Chinook field in the US Gulf of Mexico, on the deep-water Akpo field in Nigeria and on the gas fields of San Alberto and San Antonio/Itau in Bolivia, as well as in the Bolivia-Brazil gas pipeline.
Alliance in two phases
In upstream, Petrobras will propose Total to partner in projects in Brazil and Total will propose Petrobras to partner in opportunities outside Brazil.
This new partnership will allow both companies to combine their experience and expertise in deep water development to optimize the production and jointly develop this strategic area of activity in Brazil and in other high potential oil and gas regions.
The alliance will allow sharing costs and risks in high investment and complex projects. In Downstream, the companies will be working to develop joint activities in the field of gas and power generation in Brazil.
The cooperation will be extended, in a second phase, into a broader cooperation in Brazil focused on all downstream segments.
Image over the headline.- Petrobras President, Pedro Parente, and the President of Total, Patrick Pouyanné, sign memorandum of understanding for consolidating a strategic alliance in the segments of Exploration & Production (E&P) and Gas & Energy (G&E) in Brazil and potential opportunities abroad.© Petrobras News Agency.
