Total signs $2.2bn upstream and downstream deals with Petrobras

Petrobras, ExxonMobil form deeper partnership

Dec 18, 2017
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Brazil’s Petrobras and US oil major ExxonMobil have signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential opportunities.

The MoU was signed in Rio de Janeiro 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 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 reinforces ExxonMobil’s strategic relationship with Petrobras and continuing emphasis on growing this relationship and its business in Brazil.