Statoil and Petrobras have signed a memorandum of understanding (MoU) to evaluate joint participation in future tenders for exploration areas, as well as increase upstream collaboration in producing fields in the Santos and Campos offshore basins in Brazil. 

Signed during the ONS 2016 conference in Stavanger, the agreement also sets out a potential framework for cooperation on value creating opportunities in the gas value chain.

It follows the agreement signed in July, which involved Statoil acquiring a 66% operated interest of Petrobras's BM-S-8 offshore licence in the Santos basin.

Statoil CEO Eldar Sætre said: "This MoU reflects our long-term commitment to Brazil and is a result of our strong and long-standing relationship with Petrobras.

"Collaboration with partners like Petrobras, a company well-known for its technical expertise and profound knowledge about one of our core strategic areas, represents an excellent opportunity for us."

"This MoU reflects our long-term commitment to Brazil."

The agreement will enable Petrobras and Statoil to continue their exploration strategic alliance, with an intention to define opportunities in the pre-salt polygon of the Santos and Campos basin.

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Petrobras and Statoil are currently partners in 13 blocks in either exploration or production, with ten in Brazil and three overseas.

Petrobras CEO Pedro Parente said: "We are moving into a strategic partnership that will be beneficial for both companies.

"Statoil has very high levels of oil recovery in their producing fields, for example, and we will have access to this experience and know-how through a partner, with obvious benefits for both sides."

Image: Statoil CEO Eldar Sætre (left) and Petrobras CEO Pedro Parente signing the MoU. Photo: courtesy of Ole Jørgen Bratland.