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Petrobras and ExxonMobil sign strategic alliance

Petrobras and ExxonMobil sign strategic alliance

Petrobras and ExxonMobil have signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.

The memorandum of understanding was signed in Rio de Janeiro yesterday by Pedro Parente, president of Petrobras, Brad Corson, president of ExxonMobil Upstream Ventures, and Stephen Greenlee, president of ExxonMobil Exploration Company.

Petrobras is an integrated energy company with a focus on oil and gas, recognized as a leader in deep and ultra-deepwater exploration and production, operating mainly in Brazil. Currently, Petrobras produces close to 2.8 million barrels of oil equivalent a day.

ExxonMobil is the largest publicly traded international energy company and one of the largest refiners and marketers of petroleum products and its chemical company is one of the largest in the world.

Petrobras and ExxonMobil will evaluate areas of mutual interest that can bring together their world-class experience across all sectors of the oil and gas production value chain, including opportunities for cooperation in exploration, production, gas and chemicals, both inside and outside Brazil.

For Petrobras, the formation of alliances is an important strategy in its Business and Management Plan 2017-2021, bringing significant potential benefits, such as risk sharing, augmented investment capacity in the oil and gas chain, technology sharing and strengthening of corporate governance.

This agreement both exemplifies and reinforces ExxonMobil’s strategic relationship with Petrobras and continuing emphasis on growing this relationship and its business in Brazil, building on its more than 100 years in the country.

In September, Petrobras and ExxonMobil jointly acquired six offshore blocks in the Campos Basin in the Brazil National Agency of Petroleum’s 14th tender round.

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