Statoil & Petrobras Sign Long Term Cooperation Agreement

Statoil and the Brazilian oil company Petrobras have signed a long-term strategic collaboration agreement for exploration and production as well as biofuels.

Helge Lund and José Sergio Gabrielli de Azevedo, chief executives of Statoil and Petrobras respectively, have signed the memorandum of understanding in Oslo on September 14, 2007.

The companies presently have several partnership agreements within exploration and production in Brazil, Angola, Nigeria and the Gulf of Mexico. The partners also formed a technology partnership in 2003 that includes drilling, exploration and subsea operations.

The new collaboration involves both companies studying several oil and gas business development opportunities, in Brazil and internationally.

"Statoil and Petrobras have high international growth ambitions," says Mr. Lund.

"The agreement opens for new strategic opportunities to achieve our goals."

The two companies are also working together on a corporate social responsibility (CSR) project in Brazil.

"Both companies emphasize responsible behavior which safeguards society and the environment as well as creating value for the community at large," Mr. Lund says.

Statoil wants to involve itself in the forward-looking production of biofuels that satisfies the company’s sustainability and social responsibility requirements. Through the collaboration with Petrobras, the aim is to concretize project opportunities for bioethanol as well as contributing to technology development and certification requirements. This will help make biofuels an even more sustainable supplement to fossil fuels in the transport sector.

"Through a partnership with Petrobras, we will gain new experience from one of the world’s most well-developed biofuel markets," Mr. Lund says.

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