ExxonMobil, Petrobras Form Alliance

Brazil state Petrobras and US ExxonMobil signed December 14 a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities in oil and gas globally, they said.

The memorandum of understanding was signed in the Brazilian capital Rio de Janeiro by Petrobras CEO Pedro Parente, ExxonMobil upstream head Brad Corson and its CEO Stephen Greenlee.

The two 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, and it has already formed a number of them in the last year, most recently with Anglo-Dutch major Shell in September. UK major BP will also possibly join the ranks. The corruption-hit state entity sees benefits such as risk sharing, greater investment capacity in the oil and gas chain, technology sharing and better corporate governance.

In September, Petrobras and ExxonMobil jointly acquired six offshore blocks in the Campos Basin in the 14th tender round.