BP plc and Petróleo Brasileiro S.A. (Petrobras) have signed a memorandum of understanding to discover areas of cooperation.
Petrobras stated in a information launch Thursday that the intention of the non-binding settlement is to advertise dialogue and collaboration between the 2 oil majors. The memorandum will final for 2 years, and representatives from each events shall be set as much as assess the progress of the talks.
“As companions in exploration blocks in offshore Brazil, BP and Petrobras have constructed a powerful relationship – and I’m delighted about this chance to deliver collectively our complimentary expertise, expertise and capabilities to increase our present cooperation into thrilling new areas in Brazil and probably aboard,” William Lin, BP EVP for Areas, Corporates and Options, stated.
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The 2 corporations are companions in exploration blocks within the Exploration & Manufacturing (E&P) section, together with Alto de Cabo Frio Central, Campos Basin, and Barreirinhas Basin, all operated by Petrobras, based on the discharge.
Again in 2018, the 2 oil majors had additionally signed a memorandum of understanding to discover joint initiatives in areas of mutual curiosity in upstream, downstream, buying and selling and throughout low carbon initiatives, inside and out of doors Brazil.
Petrobras Approves Sale of Mothballed Campos Basin Property
In the meantime, Petrobras has authorized the sale of its total stake within the Cherne and Bagre fields, situated in shallow waters within the Campos Basin, to Perenco Petróleo e Gás do Brasil Ltda (Perenco). Manufacturing from the 2 fields was interrupted in March 2020 and the respective platforms have been mothballed ever since, based on a separate information launch.
Petrobras stated it’s set to obtain $10 million from the transaction, of which $1 million shall be paid on the date the contract is signed for the task of the property and the rest on the closing of the transaction, topic to the changes supplied for within the contract.
The switch of those fields to Perenco permits the resumption of manufacturing underneath a brand new operator, which is a “extra advantageous various for Petrobras in comparison with the choice of decommissioning the services and relinquishment of the concessions to the ANP [Brazilian National Oil and Gas Regulator”.
At the same time, the transaction will allow Petrobras to direct its investments in the E&P segment towards assets that are more in line with the company’s strategy, which involves, among other factors, the increasing decarbonization of operations, the company noted.
No employees will be removed as a result of the transfer of the assets, Petrobras added, since the majority of individuals associated with the assets have already been relocated to other company activities. The workforce required to maintain the mothballed assets will be subsequently integrated into other Petrobras operations after the asset transfer is completed.
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