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BP, Petrobras form strategic alliance to explore joint projects in Brazil

Published 13 April 2018

BP announced that it has signed a memorandum of understanding to explore areas of cooperation with Petróleo Brasileiro (Petrobras).

Through this strategic alliance, Petrobras and BP have committed to exploring potential joint commercial agreements in areas of mutual interest in upstream, downstream, trading and across low carbon initiatives, inside and outside Brazil.

The alliance is also expected to include the transfer of technology, as well as joint training and research.

Petrobras president Pedro Parente said: “Our partnership is based on common values and business principles that guide both companies. We started by joining forces in the last bidding rounds and now we are working to expand the partnership further, beyond upstream.”

BP CEO Bob Dudley said: “Petrobras is a world-class energy company with which BP has built strong relationships over many years. We are now excited to deepen our partnership and explore even more opportunities together across all our businesses – in the upstream, downstream, trading and low carbon – both in Brazil and beyond.

“We believe that working together in this alliance can deliver real value for both BP and Petrobras.”

BP has been present in Brazil for over 60 years, supplying fuels and lubricants, exploring for oil and gas, and developing biofuels.

BP and Petrobras currently partner in 16 exploration blocks in Brazil and are both members of the Oil & Gas Climate Initiative, a voluntary, CEO-led initiative which aims to lead the oil and gas industry response to climate change.

Source: Company Press Release.