Brazil’s Petrobras and America’s ExxonMobil have just signed a Memorandum of Understanding (MoU) regarding a strategic alliance to jointly identify and evaluate potential business opportunities across all sectors of oil and gas production.
The MoU was signed in Rio Janeiro by Petrobras’ President Pedro Parenet; ExxonMobil Upstream Ventures’ President Brad Corson; and ExxonMobil Exploration Company’s President Stephen Greenlee.
The formation of the alliance is an important strategy under Petrobras’ Business and Management Plan for 2017 and up until 2021. The alliance is expected to bring significant benefits including risk sharing, augmented investment capacity in the oil and gas chain, technology sharing and strengthening of corporate governance.
Currently, Petrobras produces around 2.8 million barrels of oil equivalent per day. This past September, Petrobras and ExxonMobil jointly acquired six offshore blocks in the Campos Basin in the 14th tender round of Brazil National Agency of Petroleum.