France’s Total on Monday agreed with Brazil’s Petrobras to work together on studying exploration and production (E&P) opportunities for oil and gas projects in Brazil and potentially in international markets, Total said.
The two companies will initially focus on upstream (E&P) and natural gas and power projects in Brazil of mutual interest and benefit, according to Total’s statement after chief executives of Petrobras and Total’s head Patrick Pouyanné signed the agreement in Rio de Janeiro.
In the second phase of the agreement, the firms could expand their work to focus 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.
France’s Total is an oil and gas company focused on upstream, refineries and oil trading and shipping. It has exploration and production activities in over 50 countries, and produces oil or gas in around 30 countries.
Petrobras, Brazil’s government run oil company, is engaged in prospecting, drilling, refining, processing, trading and transporting crude.