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Shell and Petrobras have signed a memorandum of understanding (MoU) to form a long-term collaboration to develop pre-salt fields in Brazil. 

Under the five-year collaboration, Petrobras will provide technical solutions, contract management expertise and cost-efficiency initiatives that it applies in Brazilian assets, while Shell will share its global deepwater expertise.

The MoU also includes exchange of knowledge on safety and governance management, technical and operational solutions, contract management, logistics, wells construction and air transportation safety. 

Both companies will primarily collaborate on the assets where they operate under a partnership.

Shell Deepwater executive vice-president Wael Sawan said: "Competitive growth of deepwater resources remains key to our company’s strategy for decades to come, and we’re very pleased to advance the technical and operational benefits of our joint-ventures with Petrobras in Brazil.

"Competitive growth of deepwater resources remains key to our company’s strategy for decades to come."

"We’ve seen cost, safety, innovative thinking, and production growth evolve in a very positive way. Preferred partnerships and shared expertise are core to that success."

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By GlobalData

As part of the agreement, a committee comprising members from both companies will be formed to jointly evaluate prospective activities.

Currently, the two firms are partners in ten exploration and production consortia each operating in five blocks.

Shell holds minority interests in Petrobras’ Libra and Lula fields as well as Sapinhoá, Lapa, and Iara areas, all of which are situated in Santos Basin.

Image: Shell and Petrobras sign MoU to strengthen deep water partnership in Brazil. Photo: © Petrobras.