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Statoil-Petrobras MoU for Joint Participation in Future Projects
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Norwegian oil giant, Statoil ASA , has inked a Memorandum of Understanding (MoU) with Petrobras in order to strengthen their ties in Brazil. The MoU was signed by the two parties during the ONS 2016 conference in Stavanger.
The purpose of the MoU is to assess joint participation in the future tenders for exploration areas and to enhance upstream cooperation in producing fields in the Santos and Campos offshore basins. Moreover, the agreement outlined a prospective framework for collaboration on value creating opportunities in the gas value chain.
This MoU closely follows the agreement signed by the duo in Jul 2016. Under the terms of the previous deal, Statoil farmed in to Petrobras’ 66% operated interest of the BM-S-8 offshore license in the Santos basin, subject to government approval.
The parties will continue with their exploration strategic alliance through this agreement with an aim to outline opportunities in the pre-salt polygon of the Santos and Campos basin.
The companies’ objective is to capture value through use of technology and simplification of operational activities. Currently, Petrobras and Statoil are partners in 13 blocks in either exploration or production – 10 in Brazil and three elsewhere.
The two-year long agreement calls for joint participation of the companies for the activities to be carried depending on discussions following the signing of the document.
The MoU emphasizes the companies’ long-term commitment to Brazil. The combination of Petrobras’ technical expertise and profound knowledge with Statoil’s ability to derive high levels of oil from their producing fields would prove to be mutually beneficial.
Statoil currently carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Devon Energy Corporation (DVN - Free Report) , NGL Energy Partners LP (NGL - Free Report) and Enbridge Energy Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy).
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Statoil-Petrobras MoU for Joint Participation in Future Projects
Norwegian oil giant, Statoil ASA , has inked a Memorandum of Understanding (MoU) with Petrobras in order to strengthen their ties in Brazil. The MoU was signed by the two parties during the ONS 2016 conference in Stavanger.
The purpose of the MoU is to assess joint participation in the future tenders for exploration areas and to enhance upstream cooperation in producing fields in the Santos and Campos offshore basins. Moreover, the agreement outlined a prospective framework for collaboration on value creating opportunities in the gas value chain.
This MoU closely follows the agreement signed by the duo in Jul 2016. Under the terms of the previous deal, Statoil farmed in to Petrobras’ 66% operated interest of the BM-S-8 offshore license in the Santos basin, subject to government approval.
The parties will continue with their exploration strategic alliance through this agreement with an aim to outline opportunities in the pre-salt polygon of the Santos and Campos basin.
The companies’ objective is to capture value through use of technology and simplification of operational activities. Currently, Petrobras and Statoil are partners in 13 blocks in either exploration or production – 10 in Brazil and three elsewhere.
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The two-year long agreement calls for joint participation of the companies for the activities to be carried depending on discussions following the signing of the document.
The MoU emphasizes the companies’ long-term commitment to Brazil. The combination of Petrobras’ technical expertise and profound knowledge with Statoil’s ability to derive high levels of oil from their producing fields would prove to be mutually beneficial.
Statoil currently carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Devon Energy Corporation (DVN - Free Report) , NGL Energy Partners LP (NGL - Free Report) and Enbridge Energy Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy).
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>