Doing the deal: Petrobras boss Jose Sergio Gabrielli, left, and Statoil's Helge Lund sign the co-operation pact as Brazilian President Luiz Inacio Lula da Silva looks on
Statoil and Petrobras join hands
Norwegian giant Statoil and Brazilian Petrobras today signed a strategic collaboration agreement covering exploration, production and biofuels ventures.
"The new collaboration involves both companies studying several oil and gas business development opportunities, in Brazil and internationally," Statoil said, adding that it wanted to become involved in biofuels production.
"Through the collaboration with Petrobras, the aim is to concretise project opportunities for bio-ethanol as well as contributing to technology development and certification requirements," the company said in a statement.
The memorandum of understanding was signed in Oslo by Staoil chief Helge Lund and his counterpart at Petrobras Jose Sergio Gabrielli de Azevedo.
At present, the pair have a number of partnership agreements covering exploration and production in Brazil, Angola, Nigeria and the Gulf of Mexico.
They also formed a technology partnership in 2003 that includes drilling, exploration and subsea operations.
“Statoil and Petrobras have high international growth ambitions,” Lund said.
“The agreement opens for new strategic opportunities to achieve our goals.”
He added: “Through a partnership with Petrobras, we will gain new experience from one of the world’s most well-developed biofuel markets.”