BP and Petrobras form strategic alliance

Alliance will explore joint projects in Brazil and beyond

12 April 2018

BP today announced that it has signed a memorandum of understanding to explore areas of cooperation with Petróleo Brasileiro S.A. (Petrobras).

Through this strategic alliance, Petrobras and BP have committed to exploring potential joint commercial agreements in areas of mutual interest in upstream, downstream, trading and across low carbon initiatives, inside and outside Brazil. The alliance is also expected to include the transfer of technology, as well as joint training and research.

Pedro Parente, president of Petrobras, commented: “Our partnership is based on common values and business principles that guide both companies. We started by joining forces in the last bidding rounds and now we are working to expand the partnership further, beyond upstream.”

Bob Dudley, BP chief executive officer, said: “Petrobras is a world-class energy company with which BP has built strong relationships over many years. We are now excited to deepen our partnership and explore even more opportunities together across all our businesses – in the upstream, downstream, trading and low carbon – both in Brazil and beyond. We believe that working together in this alliance can deliver real value for both BP and Petrobras.”

BP has been present in Brazil for over 60 years, supplying fuels and lubricants, exploring for oil and gas, and developing biofuels. BP and Petrobras currently partner in 16 exploration blocks in Brazil and are both members of the Oil & Gas Climate Initiative, a voluntary, CEO-led initiative which aims to lead the oil and gas industry response to climate change.

BP in Brazil
BP has been present in Brazil since 1957 and currently operates in lubricants and biofuels production, oil and natural gas exploration and production, and distribution of aviation and marine fuel.

BP currently employs around 7,000 people at its various business sites and has activities in 15 states (Amapá, Bahia, Ceará, Espírito Santo, Goiás, Maranhão, Mato Grosso, Minas Gerais, Paraná, Pernambuco, Piauí, Rio de Janeiro, Rio Grande do Norte, Santa Catarina and São Paulo) and in the Federal District.

Committed to developing the country’s energy industry, BP actively participates in a range of national discussion forums within both the public and private sector. It is a member of the Brazilian Institute of Oil, Gas and Biofuels (IBP), which promotes the development of the national oil, gas and biofuels sector as an industry that is competitive, sustainable, ethical and socially responsible.

BP press release