BP has signed a memorandum of understanding to explore areas of cooperation with Petróleo Brasileiro.
Through the strategic alliance, Petrobras and BP have committed to exploring potential joint commercial agreements in areas of mutual interest in upstream, downstream, trading and across low carbon initiatives, inside and outside Brazil.
The alliance is also expected to include the transfer of technology, as well as joint training and research.
BP has been present in Brazil for more than 60 years, supplying fuels and lubricants, exploring for oil and gas, and developing biofuels.
BP and Petrobras currently partner in 16 exploration blocks in Brazil and are both members of the Oil & Gas Climate Initiative, a voluntary, CEO-led initiative that aims to lead the oil and gas industry response to climate change.
