Brazil's Petrobras, Statoil Sign Exploration Agreement
May 25 2011 - 10:48AM
Dow Jones News
Brazilian state-run energy giant Petroleo Brasileiro (PBR,
PETR4.BR), or Petrobras, and Norway's Statoil (STO) signed a
memorandum of understanding Wednesday to explore a promising oil
prospect and expand technology cooperation.
The agreement will increase ties between the two national oil
companies, including a partnership to explore the Indra prospect
"and the area around there," said Statoil CEO Helge Lund. Statoil
and Petrobras are partners in the concession where Indra was
discovered.
"We want to see if we can move into some concrete projects
(together)," Lund said.
Meanwhile, Petrobras director of exploration and production
Guilherme Estrella said at the signing ceremony that the company
was still evaluating its next five-year investment plan.
"The plan is still under analysis," Estrella said. "When the
board is ready to approve it, (the plan) will be approved."
Petrobras is also moving forward on a second tender to build 21
drilling rigs in Brazil, Estrella said.
The first tender of seven rigs to be built by the Sete Brasil
consortium was recently completed.
"We are in the process of preparing to open the next tender,"
Estrella said. "It's a complicated process."
-By Jeff Fick, Dow Jones Newswires; 5521-2586-6085;
Jeff.Fick@dowjones.com
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