Shell and Petrobras in Brazil Deepwater Pact

Royal Dutch Shell and Petrobras signed last week in The Hague, Netherlands, a memorandum of understanding (MoU) to establish a long-term mutual collaboration in developing pre-salt fields in Brazil.

Shell should benefit from technical solutions, contract management expertise and cost efficient initiatives Petrobras applies to Brazil’s pre and post-salt projects. Shell will share with Petrobras its global deep-water experience, especially on cost efficiency efforts and use of technology.

The MoU also involves sharing best practices and learnings on safety and governance management, technical and operational solutions, contract management, logistics, wells construction and air transportation safety.

The document was signed by Shell CEO Ben Van Beurden and Petrobras CEO Pedro Parente, during a visit by Petrobras’ executives to the Shell headquarters.

“Competitive growth of deep-water resources remains key to our company’s strategy for decades to come, and we’re very pleased to advance the technical and operational benefits of our joint-ventures with Petrobras in Brazil,” said Wael Sawan, Executive Vice-President, Deep Water for Shell. “We’ve seen cost, safety, innovative thinking, and production growth evolve in a very positive way. Preferred partnerships and shared expertise are core to that success.”

The agreement is valid for five years and can be renewed. Shell is a strategic partner of Petrobras in the pre-salt, with minority interests in the Libra and Lula fields and other areas such as Sapinhoá, Lapa, and Iara, all of which are in Santos Basin.

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