Petrobras and CNPC form a strategic partnership
Mr. Pedro Parente, Petrobras’s CEO, and Mr. Wang Dongjin, Vice President of CNPC and CEO of PetroChina, signed a Memorandum of Understanding (MoU) in Beijing to structure a strategic partnership, Petrobras said in a press release.
Under this MoU, the companies agree to jointly assess opportunities in Brazil and abroad in key areas of mutual interest, benefiting from their skills and experience in all segments of the oil and gas supply chain, including potential finance structuring.
For Petrobras, forming partnerships is an important strategy in the 2017-2021 Business and Management Plan. Strategic partnerships have the potential benefits of sharing risks, increasing investment capacity in the oil and gas supply chain, technological exchanges, and strengthening corporate governance.
For CNPC, the partnership with Petrobras reinforces its interest in investing and increasing its operations in Brazil.
Petrobras and CNPC
Since 2013, Petrobras and CNPC have been partners in the Libra area, the first contract under the production sharing agreement regime, located in the Santos Basin pre-salt layer.
Petrobras is an integrated energy company focused on oil and gas, recognized as a leader in deep and ultra-deep-water exploration and production, operating mainly in Brazil. Petrobras currently produces 2.8 million barrels of oil equivalent per day and has a crude distillation capacity of 2.4 million barrels per day.
CNPC is China’s largest integrated O&G company, with activities in the upstream, midstream, downstream, marketing and trading, provision of oil services, engineering, construction, and equipment manufacture sectors. CNPC has a presence in more than 70 countries.