BP and Petrobras to explore further partnership opportunities

British Petroleum (BP) has entered a memorandum of understanding (MoU) with Brazilian state-owned Petróleo Brasileiro (Petrobras) to explore the possibility of joint cooperation.

Under the agreement, the companies will explore potential business opportunities in upstream and downstream processing, as well as low-carbon initiatives.

The agreement will also see an exchange of technologies, 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.”

The deal builds on the companies’ existing partnership in 16 exploration blocks in Brazil.

BP and Petrobras are also members of the Oil & Gas Climate Initiative, which aims to tackle climate change.

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.”

In Brazil, BP is actively engaged in lubricants and biofuels production, as well as oil and natural gas exploration and distribution of aviation and marine fuel.