Petrobras and ExxonMobil form strategic alliance

Petrobras and ExxonMobil form strategic alliance
Petrobras and ExxonMobil has signed a memorandum of understanding (MOU) regarding a strategic alliance to jointly identify and evaluate potential business opportunities.

The memorandum of understanding was signed in Rio de Janeiro yesterday 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 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, 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 both exemplifies and reinforces ExxonMobil’s strategic relationship with Petrobras and continuing emphasis on growing this relationship and its business in Brazil, building on its more than 100 years in the country.

In September, Petrobras and ExxonMobil jointly acquired six offshore blocks in the Campos Basin in the Brazil National Agency of Petroleum’s 14th tender round.

As MRC wrote before, in late October 2017, ExxonMobil Chemical Company announced that it had commenced production on the first of two new 650,000 tons-per-year high-performance polyethylene (PE) lines at its plastics plant in Mont Belvieu, Texas. The full project, part of the company’s multi-billion dollar expansion project in the Baytown area and ExxonMobil’s broader Growing the Gulf expansion initiative, will increase the plant’s PE capacity by approximately 1.3 million tons per year.

Petrobras is an integrated energy company with focus in oil and gas, recognized as a leader in deep and ultra-deep water exploration and production, operating mainly in Brazil. Currently, Petrobras produces close to 2.8 million barrels of oil equivalent a day. The company’s core values are respect for life, people and the environment; ethics and transparency; market orientation; excellence and trust; and results.

ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry leading inventory of resources, is one of the largest refiners and marketers of petroleum products and its chemical company is one of the largest in the world.

Source: BusinessWire