Petrobras Signs Partnership Deal With Statoil
August 30 2016 - 7:19AM
Dow Jones News
By Kjetil Malkenes Hovland
STAVANGER, Norway--Brazil's state-run oil company Petroleo
Brasileiro said Tuesday it had signed a partnership deal with
Norway's Statoil (STO), adding that the companies may cooperate in
future tenders and producing fields in Brazil.
"Statoil has very high levels of oil recovery in their producing
fields," said Petrobras Chief Executive Pedro Parente. "We will
have access to this experience and know-how through a partner, with
obvious benefits for both sides."
The heads of the two companies signed the deal on the sidelines
of the Offshore Northern Seas oil conference in Stavanger.
"This memorandum of understanding reflects our long-term
commitment to Brazil and is a result of our strong and
long-standing relationship with Petobras," said Statoil chief
executive Eldar Saetre.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@wsj.com
(END) Dow Jones Newswires
August 30, 2016 07:04 ET (11:04 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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