Brazilian multinational
energy company, Petrobras and French Total inked a memorandum of understanding
in Rio de Janeiro for a strategic alliance covering upstream and downstream
activities in Brazil along with international potential opportunities,
according to the French oil company on Monday.
The MoU, which was signed
by Pedro Parente, CEO of Petrobras, and Patrick Pouyanné, chairman and CEO of
Total, aims to evaluate opportunities in Brazil and abroad to jointly benefit
from their internationally-recognized expertise on all segments of the oil and
gas value chain.
The companies intend to
focus on upstream and on gas and power, as a first step.
"This new partnership
will allow both companies to combine their world class 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
provinces, as well as sharing costs and risks in projects with high investment
and complexity," read the statement.
In downstream operations,
both companies will be working to develop joint activities in gas and power
generation in Brazil.
Currently, Petrobras and
Total are jointly participating in 15 consortiums worldwide in exploration and
production, nine of which are in Brazil and six abroad.
(Anadolu Agency
)