Brazil's Petrobras, Shell to Look for Joint Drilling Opportunities
(Reuters) — Brazilian state-run company Petrobras and international oil major Shell will work together to identify potential opportunities to explore for and produce crude and natural gas, Petrobras said on Thursday.
Under a memorandum of understanding signed by the companies, Petrobras and Shell will focus on exploration opportunities inside and outside the country's offshore pre-salt fields, a key oil-bearing area off the coast of southeastern Brazil.
"The companies will work together to identify potential upstream business opportunities, sharing experiences and best practices in carbon emissions reduction and socio-environmental initiatives," the Brazilian firm said in a securities filing.
The pre-salt fields were a top priority of President Luiz Inacio Lula da Silva over a decade ago during his first stint as president. The leftist leader often described the offshore oil riches there as key to the country's future development.
More recently, Petrobras has emphasized a shift to more renewable energy projects alongside its core business of pumping oil.
Earlier this week, the Brazilian company announced a deal with Norway's Equinor to evaluate offshore wind power projects.
The five-year partnership between Petrobras and Shell will also include "renewable energy and carbon capture and storage," the statement said, without going into further detail.
Efforts to preserve and restore biodiversity aimed at issuing credits to offset carbon emissions are also being considered, the statement added.
Related News
Related News
- Repsol Ditches Plans to Develop LNG Terminal on Canada’s East Coast
- Kazakh Oil Decouples from Russian Crude But Risk Weighs on Price
- Pipeline Operator TC Energy Says Stress, Weld Fault Caused Keystone Oil Spill
- US to Sell 26 Million Barrels of Oil Reserves As Mandated by Congress
- Ukraine to Jointly Buy Gas with European Union Countries
- Company Cancels Byhalia Connection Pipeline Project
- US Intelligence Suggests Pro-Ukrainian Group Sabotaged Nord Stream Pipelines -NYT
- EIA: US Natural Gas Output to Hit Record High in 2023, Demand to Fall
- US Regulator Orders Lower Pressure on Keystone Pipeline System After Spill
- US Carbon Pipeline Faces Setback as Residents Refuse to Cede Land Rights
Comments