Petrobras and Total Form a Strategic Alliance in Upstream and Downstream
October 24 2016 - 8:12AM
Business Wire
Regulatory News:
Petrobras and Total (Paris:FP) (LSE:TTA) (NYSE:TOT) inform that
Pedro Parente, CEO of Petrobras, and Patrick Pouyanné, Chairman and
CEO of Total, have signed today, in Rio de Janeiro, a Memorandum of
Understanding which sets the general framework for a Strategic
Alliance covering Upstream and Downstream activities in Brazil as
well as international potential opportunities.
Through this agreement, the companies undertake to join forces
in some key areas of mutual interest and to evaluate opportunities
in Brazil and abroad to jointly benefit from their internationally
recognized expertise on all segments of the oil and gas value
chain.
As a first phase of implementation, the companies intend to
focus on Upstream and on Gas and Power.
In Upstream, Petrobras will propose Total to partner in projects
in Brazil and Total will propose Petrobras to partner in
opportunities outside Brazil. This new partnership will allow both
companies to combine their world class experience and expertise in
deep water development to optimize the production and jointly
develop this strategic area of activity in Brazil and in other high
potential oil and gas provinces, as well as sharing costs and risks
in projects with high investment and complexity.
In Downstream, the companies will be working to develop joint
activities in the gas and power generation in Brazil.
The memorandum also states that the cooperation will be
extended, in a second phase, to a broader cooperation in Brazil
focused on all downstream segments.
Currently, Petrobras and Total are jointly participating in 15
consortiums worldwide in exploration and production, nine of which
are in Brazil and six abroad. In Brazil, the companies are partners
in the development of the giant Libra area which is the first
production sharing contract in the Brazilian pre-salt in Santos
basin. Outside Brazil, Petrobras and Total are partners on the
Chinook field in the US Gulf of Mexico, on the deep-water Akpo
field in Nigeria and on the gas fields of San Alberto and San
Antonio/Itau in Bolivia, as well as in the Bolivia-Brazil gas
pipeline.
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About Petrobras:
Petrobras is an integrated energy company focused on oil and
gas, acknowledged as a leader in deep and ultra-deep water
exploration and production, operating mainly in Brazil. We
currently produce 2.88 million barrels of oil equivalent per day.
Our values are driven by respect for life; people and the
environment; ethics and transparency; market driven; overcoming and
confidence; and results.
About Total:
Total is a global integrated energy producer and provider, a
leading international oil and gas company, and the world’s
second-ranked solar energy operator with SunPower. Total’s
96,000 employees are committed to better energy that is safer,
cleaner, more efficient, more innovative and accessible to as many
people as possible. As a responsible corporate citizen, Total focus
on ensuring that our operations in more than 130 countries
worldwide consistently deliver economic, social and environmental
benefits. total.com
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Total contacts:Media Relations:Tel: +33 (0) 1 47 44 46
99presse@total.comorInvestor Relations:Mike Sangster, Nicolas
Fumex, Kim Housego, Romain Richemont, +44 (0)207 719 7962orRobert
Hammond (U.S), +1 713 483 5070
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