Petrobras Inks Deal with Jogmec of Japan

Petrobras signed a principle of understanding with the Japan, Oil, Gas, and Metals National Corporation (Jogmec, a Japanese state-owned company) last week. The document was signed by the presidents of Petrobras, Jose Sergio Gabrielli de Azevedo, and of Jogmec, Isao Kakefuda, during a ceremony held at the company's main office building. International and Service Area directors, Nestor Cervero and Renato Duque, respectively, in addition to Jogmec representatives, also attended the event.

The agreement foresees exploration and production opportunity evaluation in South America and Southeast Asia, over and beyond joint studies on heavy oil and natural gas. Special emphasis will be given to deepwater projects. Petrobras and Jogmec agreed to hold annual meetings to exchange relevant information and identify international projects of mutual interest.

One of Jogmec's main activities is providing assistance to Japanese oil companies in international business development. The Leopoldo Americo Miguez de Mello Research & Development Center (Cenpes) already has a memorandum of understanding with this Japanese state-owned company, signed in 2005, to develop joint studies in the technological area.