Petrobras, Petroperu to Sign MOU for Joint Development

Brazil's federal energy company Petrobras (NYSE: PBR) will sign a memorandum of understanding (MOU) on September 27 with Peru's state oil company Petroperu to develop joint projects in the Andean country, a Petrobras Peru spokesperson told BNamericas.

Petrobras CEO Jose Gabrielli will fly to Lima for the event and describe the reach of the MOU in a subsequent press conference, the spokesperson said.

The Brazilian company previously announced the two firms were interested in developing joint ventures for E&P, natural gas, biofuels, refining and petrochemicals.

The prospective projects are not included in Petrobras' US$87.1bn, 2007-11 plan.

Petrobras has production activities in block 10 in northwest Peru's Talara area as well as six exploration concessions in the country totaling 57,500 sq km.

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