Petrobras and Statoil sign biofuel agreement

17 September 2007

Oslo, Norway, 17 Sept – Brazilian oil company Petrobras and Norway’s Statoil Friday in Oslo signed a memorandum of understanding in the area of biofuels and exploration and production, officials said.

The document, signed during a State visit by Brazilian president Luiz Inácio Lula da Silva to Norway, outlines joint studies by the two groups for the potential development and exploration of oil and natural gas in Brazil and other countries.

Statoil noted in a statement that cooperation with Petrobras would open up the way to exploration for bioethanol production, developing new technologies and taking part in defining certification standards.

Brazil is one of the world’s principal producers of biofuel, while Norway is the world’s fifth largest exporter of oil and the third largest exporter of natural gas.

Statoil and Petrobras already cooperate in several projects in Brazil, Angola, Nigeria and the Gulf of Mexico, Statoil said.

Since 2003 the two companies have also been linked by a technology sharing agreement in undersea exploration activities. (macauhub)