Petrobras Agrees Venture with Equinor-ASA for Natural Gas Projects in Rio de Janeiro

RIO DE JANEIRO, BRAZIL – Petrobras announced that it signed yesterday, October 9th, with Equinor ASA – Equinor, a company headquartered in Oslo, Norway, a memorandum of understanding focused on the joint development of business focused on natural gas produced from projects in partnership between the two companies.

“One of the memorandum’s main goals is the maximization of value in the downstream segment [transportation and distribution of oil] of both companies, through natural gas thermoelectric generation projects,” Petrobras reported in a note.

The partnership involves feasibility studies on gas processing and liquid flow assets in the areas of the Cabiúnas Terminal in Macaé, in northern Rio de Janeiro, and the Petrochemical Complex of Rio de Janeiro (COMPERJ) in Itaboraí, in the metropolitan region of Rio, where there is a natural gas processing unit under construction, both belonging to Petrobras. According to the state-owned company, these sites have the potential to become relevant natural gas hubs in Brazil in the coming years.

The document was signed by the president of Petrobras, Roberto Castello Branco, and Equinor’s CEO, Eldar Saetre, with the purpose of confirming the parties’ intention to join efforts in investments in the natural gas, liquefied natural gas (LNG) and electricity generation segments and, although non-binding in nature, states the intention of the two companies to work jointly to develop projects in these segments.

Currently, Petrobras and Equinor are partners in the Roncador field and in BM-C-33, Dois Irmãos and C-M-709 exploratory blocks in the Campos Basin. The execution of the memorandum consolidates the relationship between the parties, aligned with Petrobras’ Business Plan.

Source: Agência Brasil