Petrobras, PDVSA Formally Agree to Develop Joint Projects

The heads of Brazil's federal energy company Petrobras (NYSE: PBR) and Venezuela's state oil company PDVSA have met in Caracas to ratify upstream and refining agreements signed in 2005, Petrobras said in a statement.

Projects include auditing reserves at Venezuela's heavy crude Carabobo I field in the Orinoco belt.

The two companies also agreed that in two months they could conclude feasibility studies to help determine Petrobras' participation in a joint venture to develop the Mariscal Sucre project, also in Venezuela.

The two companies also agreed to conclude appraisals of mature field development projects in Venezuela, which would be explored in a joint venture.

Further, the two aim to advance talks to export Brazilian ethanol to Venezuela, according to the statement.

The two, Petrobras' Jose Gabrielli and PDVSA's Rafael Ramirez, agreed to meet on September 16 in Rio de Janeiro to appraise the agreements again.

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