Petrobras, Galp Sign MoU

Portugal's Galp Energia said October 11 it signed a memorandum of understanding with Petrobras to extend cooperation between the two companies and reinforce their strategic alliance.

Following this MoU, Galp and Petrobras said they intend to further explore areas of cooperation, namely in potential oil and gas exploration, as well as production and infrastructure development, in areas of common interest in Brazil and abroad. The MoU also includes a joint training and research programme, focused on deepwater carbonate reservoirs.

Galp and Petrobras have built a solid relationship over more than 15 years, said Galp, noting that both are partners in several upstream projects in Brazil, having worked closely in some of the most important discoveries in the last decade, namely in the world-class offshore Lula/Iracema field.

Petrobras and Norway's Statoil signed a similar MoU in August. 

State-run Petrobras is in the process of selling non-core assets to reduce its debt. A week ago, Petrobras said it had begun exclusive negotiations over the sale of its respective 100% and 50% stakes in the shallow water Bauna and Tartaruga Verde oilfields offshore Brazil with Australian independent Karoon Gas, which already holds five E&P concessions offshore Brazil. Bauna currently produces 45,000 b/d. The other field is under development.

Mark Smedley