Petrobras enters JV with BP on investments in oil & gas chain

Petrobras enters JV with BP on investments in oil & gas chain

Petrobras said it has signed a Memorandum of Understanding (MOU) with BP to complement and reaffirm the commitments contained in the Letter of Intent (LOI), signed both companies.

The MOU was signed in London by Petrobras President, Pedro Parente, and BP CEO, Robert Dudley, in order to confirm the intention of the parties to combine efforts to discuss and negotiate investment opportunities in the oil and gas chain, in projects in Brazil and abroad, for cooperation in upstream, downstream and trading activities, among others, on a non-exclusive basis.

In addition to the scope of the LOI, the parties have agreed to cooperate in areas of common interest such as risk sharing, technology exchange, strengthening of corporate governance and joint training and research.

Petrobras and BP currently partner in 16 exploration blocks in Brazil and this alliance strengthens the relationship between the parties and is aligned with Petrobras 2018-2022 Business and Management Plan.