Statoil and Petrobas to Collaborate

Friday, September 14, 2007
Statoil and the Brazilian oil company Petrobras have signed a long-term strategic collaboration agreement for exploration and production as well as biofuels.

The memorandum of understanding (MoU) was signed in Oslo on September 14 by Helge Lund and José Sergio Gabrielli de Azevedo, chief executives of Statoil and Petrobras respectively. The companies already have several partnership agreements within exploration and production in Brazil, Angola, Nigeria and the Gulf of Mexico. The partners also formed a technology partnership in 2003 that includes drilling, exploration and subsea operations.

The new collaboration involves both companies studying several oil and gas business development opportunities, in Brazil and internationally. The two companies are also working together on a corporate social responsibility (CSR) project in Brazil. Statoil wants to involve itself in the forward-looking production of biofuels that satisfies the company’s sustainability and social responsibility requirements. Through the collaboration with Petrobras, the aim is to concretize project opportunities for bioethanol as well as contributing to technology development and certification requirements. This will help make biofuels an even more sustainable supplement to fossil fuels in the transport sector.

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