PETROBRAS: Company Moves Ahead With Cooperation Agreement With Statoil

(RTTNews) - Brazil's state-owned oil company Petrobras signed a preliminary agreement with Norway's Statoil, following a memorandum of understanding from August last year, in which both companies committed themselves to evaluate cooperation opportunities.

Petrobras and Statoil intend to work in a partnership aimed at expanding reserves of mature fields in deep waters, with the initial focus on the post-salt region of the Campos Basin. The deal establishes the general principles of a Technical Cooperation Agreement, aiming at increasing the production of oil and the recovery factor of fields involved in the alliance.

The Brazilian and Norwegian oil companies jointly operate ten blocks under exploration in Brazil.

Also, both Petrobras and Statoil intend to optimize the use of natural gas.

"Petrobras and Statoil have a clear focus on their strategic goals, and will join efforts to ensure that all contracts related to this strategic alliance are submitted to the respective approval bodies and held until the end of the year," said the Brazilian company in a statement.