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Petrobras and BP form strategic alliance

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World Pipelines,

Petrobras Chief Executive Officer, Pedro Parente, and BP Chief Executive officer, Robert Dudley, yesterday signed a Memorandum of Understanding (MoU) to complement and reaffirm the commitments contained in the Letter of Intent (LOI), signed by the companies on 18 October 2017.

The MoU was signed in London in order to confirm the intention of the parties to combine efforts to discuss and negotiate investment opportunities in the oil and gas chain, in projects in Brazil and abroad, for cooperation in upstream, downstream and trading activities, among others, on a non-exclusive basis.

In addition to the scope of the LOI, the parties have agreed to cooperate in areas of common interest such as risk sharing, technology exchange, strengthening of corporate governance and joint training and research.

Pedro Parente commented: “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.”

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”.

Petrobras and BP currently partner in 16 exploration blocks in Brazil. This alliance strengthens the relationship between the parties and is aligned with Petrobras 2018 - 2022 Business and Management Plan.

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