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)
