Norway’s Statoil and Petrobras of Brazil signed a memorandum of understanding to evaluate cooperation in the gas value chain.
According to a Statoil statement, the two companies intend to evaluate joint participation in future tenders for exploration areas and to increase upstream collaboration in producing fields in the Santos and Campos offshore basins.
The agreement follows a deal signed in July 2016, when Statoil acquired 66 percent operated interest from Petrobras in the BM-S-8 offshore license in the Santos basin.
Both companies noted the agreement is for a two-year period in which joint activities will depend on negotiations following the signing of the MoU.