BP and Brazilian state-owned oil company Petrobras signed a memorandum of understanding for a strategic alliance to jointly explore potential energy business opportunities both in Brazil and beyond, BP said on Thursday.
According to the agreement, both companies will cooperate in areas including upstream, downstream, trading and across low carbon initiatives.
The statement showed that the Brazilian oil company is globally recognized as the world's leading deep-water company, producing in excess of 2.6 million barrels a day.
The alliance is also expected to include the transfer of technology, as well as joint training and research, BP said.
"Our partnership is based on common values and business principles that guide both companies," president of Petrobras Pedro Parente was quoted as saying.
"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," BP Group Chief Executive Bob Dudley said. "We believe that working together in this alliance can deliver real value for both BP and Petrobras."
BP and Petrobras already have joint interests in 16 exploration blocks in Brazil.
BP has been present in Brazil for over 60 years, supplying fuels and lubricants, exploring for oil and gas, and developing biofuels.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr