Offshore Activity

Petrobras and Statoil advance on a strategic partnership to optimize the recovery of mature offshore fields

Rio de Janeiro, September 29, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that it signed today the Heads of Agreement (HoA) with the Norwegian company Statoil, in continuity to the Memorandum of Understanding signed in 8/30/2016, through which the companies committed themselves to assessing cooperation opportunities aligned with their business strategies.

Under this agreement, the two companies reaffirm the intention to work in partnership to increase reserves in deep water mature fields, with initial focus on the post-salt area of Campos Basin. The HoA defines the general principles of the Technical Cooperation Agreement, aimed at increasing the oil production and the recovery factor of the fields involved in the partnership.

In addition, the two companies, which already are partners in ten blocks in exploration phase in Brazil, intend to optimize the use of natural gas, including the area of BM-C-33, in which Statoil is the operator. As such, the HoA also covers the general principles for sharing gas infrastructure in Campos Basin.

It is worth mentioning that Petrobras and Statoil are highly aligned in their strategic goals, and will make joint efforts to ensure that all contracts related to this strategic partnership are appreciated by the instances of approval and signed by the end of this year.

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