Brazilian energy firm Petrobras and ExxonMobil inked a memorandum of understanding in Rio de Janeiro on Thursday for a strategic alliance to jointly identify and evaluate potential business opportunities.
Both companies will evaluate areas of mutual interest to consolidate their experience across all sectors of the oil and gas production value chain, including opportunities for cooperation in exploration, production, gas and chemicals both inside and outside Brazil.
"For Petrobras, the formation of alliances is an important strategy in the Business and Management Plan 2017-2021, bringing significant potential benefits, such as risk sharing, augmented investment capacity in the oil and gas chain, technology sharing and strengthening of corporate governance," the statement read.
This agreement both exemplifies and reinforces ExxonMobil's strategic relationship with Petrobras and its continuing emphasis on growing this relationship and business in Brazil, building on its more than 100-year presence in the country.
In September, Petrobras and ExxonMobil jointly acquired six offshore blocks in the Campos Basin in the 14th tender round offered by Brazil's National Agency of Petroleum.
Petrobras is an integrated energy company with a focus on oil and gas operations mainly in Brazil. The company currently produces about 2.8 million barrels of oil equivalent a day.
(Anadolu Agency)
