BP and Brazil's Petróleo Brasileiro have formed an alliance to explore potential joint opportunities in “upstream, downstream, trading and across low-carbon initiatives”, inside and outside the South American country.
The pair have signed a memorandum of understanding to “explore areas of cooperation” that is also expected to include the transfer of technology, as well as joint training and research.

BP chief executive Bob Dudley pointed out that the company has built a strong relationships with Petrobras 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 a 60-year history in Brazil, supplying fuels and lubricants, exploring for oil and gas, partnering with Petrobras on 16 local exploration blocks.

Pedro Parente, president of Petrobras, said: “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.”