Petro­bras, CNPC sign agree­ment

China Daily (Hong Kong) - - BUSINESS -

Brazil’s state-run oil gi­ant Petro­bras signed a me­moran­dum of un­der­stand­ing with the China Na­tional Petroleum Corp to ex­ploit en­ergy re­sources in Brazil and abroad. In the state­ment, Petro­bras said the deal will al­low the two state oil com­pa­nies to ben­e­fit from each other’s ca­pac­ity and ex­pe­ri­ence in oil and gas pro­duc­tion. The agree­ment was signed by Petro­bras Pres­i­dent Pe­dro Par­ente and the vice-pres­i­dent of CNPC and pres­i­dent of PetroChina, Wang Dong jin. PetroChina is a listed arm of CNPC. Since 2013, Petro­bras and CNPC have part­nered to ex­plore the Libra off­shore oil­field in south­east­ern Brazil, which is con­sid­ered po­ten­tially the most valu­able oil­field in Brazil by its govern­ment. The agree­ment is key to es­tab­lish­ing an ar­range­ment in which both com­pa­nies are ex­pected to share risks and jointly con­trib­ute to in­vest­ment.

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