BP signed a memorandum of understanding to explore areas of cooperation with Petróleo Brasileiro S.A. (Petrobras). The MOU complements and reaffirms the commitments contained in a Letter of Intent (LOI), signed by the companies on 18 October 2017.
The MOU confirms 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.
BP has been present in Brazil for more than 60 years, supplying fuels and lubricants, exploring for oil and gas, and developing biofuels. BP and Petrobras currently partner in 16 exploration blocks in Brazil and are both members of the Oil & Gas Climate Initiative, a voluntary, CEO-led initiative which aims to lead the oil and gas industry response to climate change.