Petrobras and ExxonMobil Form Strategic Alliance
December 14 2017 - 4:00PM
Business Wire
Petrobras and ExxonMobil today signed a memorandum of
understanding regarding a strategic alliance to jointly identify
and evaluate potential business opportunities.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20171214006342/en/
The memorandum of understanding was signed in Rio de Janeiro
today by Pedro Parente, president of Petrobras, Brad Corson,
president of ExxonMobil Upstream Ventures, and Stephen Greenlee,
president of ExxonMobil Exploration Company.
Petrobras and ExxonMobil will evaluate areas of mutual interest
that can bring together their world-class experience across all
sectors of the oil and gas production value chain, including
opportunities for cooperation in exploration, production, gas and
chemicals both inside and outside Brazil.
For Petrobras, the formation of alliances is an important
strategy in the Business and Management Plan 2017-2021, bringing
significant potential benefits, such as risk sharing, augmented
investment capacity in the oil and gas chain, technology sharing
and strengthening of corporate governance.
This agreement both exemplifies and reinforces ExxonMobil’s
strategic relationship with Petrobras and continuing emphasis on
growing this relationship and its business in Brazil, building on
its more than 100 years in the country.
In September, Petrobras and ExxonMobil jointly acquired six
offshore blocks in the Campos Basin in the Brazil National Agency
of Petroleum’s 14th tender round.
About Petrobras:
Petrobras is an integrated energy company with focus in oil and
gas, recognized as a leader in deep and ultra-deep water
exploration and production, operating mainly in Brazil. Currently,
Petrobras produces close to 2.8 million barrels of oil equivalent a
day. The company’s core values are respect for life, people and the
environment; ethics and transparency; market orientation;
excellence and trust; and results. For more information, visit
www.petrobras.com.br.
About ExxonMobil:
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil holds an industry leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans and
schedules could differ materially due to changes in market
conditions affecting the oil and gas industry or long-term oil and
gas price levels; political or regulatory developments; the outcome
of commercial negotiations including the ability to acquire
attractive interests; the actions of competitors; the outcome of
future exploration and development efforts; technical or operating
factors; and other factors cited under the caption “Factors
Affecting Future Results” on the Investors page of our website at
exxonmobil.com. Closing of the acquisition is subject to
satisfaction of conditions precedent specified in the applicable
agreement. References to barrels of oil include amounts that
are not yet classified as proved reserves under SEC definitions but
that we believe will ultimately be produced and moved into the
proved reserve category.
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version on businesswire.com: http://www.businesswire.com/news/home/20171214006342/en/
For Petrobras:Investor Relations DepartmentTel. +55 (21)
3224-1510 /
3224-9947petroinvest@petrobras.com.brwww.petrobras.com.br/irorFor
ExxonMobil:Media Relations,
+1-972-940-6007media@exxonmobil.comwww.exxonmobil.com
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