Petrobras and bp signed a Memorandum of Understanding (MoU) on Thursday, 4/18, with the aim of promoting discussions and collaboration between the companies. This non-binding agreement focuses on topics such as: business opportunities in Sustainable Fuels, Carbon Credits, Refining and Exploration, and Production. The companies will also work together on research, development, and innovation projects.

"We're going to deepen our conversations in order to exchange knowledge, synergize assets and develop opportunities for products and businesses that meet the needs of an increasingly demanding society and market," said /B>Petrobras president Jean Paul Prates.

The memorandum will last for two years. Committees of representatives from both companies will be set up to monitor the progress of the studies and discussions.

“As partners in exploration blocks in offshore Brazil, bp and Petrobras have built a strong relationship – and I am delighted about this opportunity to bring together our complimentary skills, experience and capabilities to extend our existing cooperation into exciting new areas in Brazil and potentially aboard.” said William Lin, bp EVP Regions, Corporates and Solutions.

The two companies are already partners in exploration blocks in the Exploration & Production segment, including Alto de Cabo Frio Central, Campos Basin, and Barreirinhas Basin, all operated by Petrobras.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.

About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.