Petrobras and BP have signed a letter of intent (LOI) to collectively establish and consider enterprise alternatives involving property or ventures in Brazil and elsewhere, which embody cooperation on upstream, LNG and downstream, with the aim of creating a possible strategic alliance.

The corporations already collectively participated in Brazil’s third bidding spherical. Petrobras and BP acquired exploration and manufacturing rights for the Alto do Cabo Frio block, in a 50-50 consortia, and the Peroba Block, collectively with CNODC, a subsidiary of China National Petroleum Corporation (CNPC), in a consortia 40% Petrobras, 40% BP and 20% CNODC.

@onlinelaw@

Petrobras additionally reported at the moment (31 October) that it signed a memorandum of understanding with CNPC to kind a complete strategic alliance, as introduced on four July this 12 months.

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Forming partnerships is a vital technique for Petrobras' 2017-2021 Business and Management Plan, the corporate stated in a 31 October press assertion, including that, “strategic partnerships have the potential advantages of sharing dangers, rising funding capability within the oil and fuel provide chain, technological exchanges, and the enhancement of company governance.”

Source: www.oedigital.com

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