Brazilian oil and gas group Petrobras and French energy group Total have signed a Memorandum of Understanding (MoU) for a strategic alliance covering Upstream and Downstream activities in Brazil as well as international potential opportunities.
In Upstream, Petrobras will propose Total to partner in projects in Brazil and Total will propose Petrobras to partner in opportunities outside Brazil. This new partnership will allow both companies to combine their 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. In Downstream, the companies will be working to develop joint activities in the gas and power generation in Brazil. The strategic cooperation could be later extended to all downstream segments in Brazil.
Petrobras and Total are already participating jointly in 15 consortia worldwide in exploration and production, 9 of which are in Brazil (including the giant Libra area) and 6 abroad (including the Chinook field in the US Gulf of Mexico, the deep-water Akpo field in Nigeria and the gas fields of San Alberto and San Antonio/Itau in Bolivia).