Petrobras entered into a Memorandum of Understanding (MoU) with Shell Exploration Company (West) B.V., a subsidiary of Royal Dutch Shell, to establish a long-term, operationally focused mutual collaboration for assets in which we operate in partnership.

The main objective of the memorandum is the sharing of experiences and best practices, aiming at reducing costs in the well construction, logistics, and aviation security activities. The document was signed by Petrobras’ CEO, Pedro Parente, and by Shell’s CEO, Ben Van Beurden, during our executives’ visit to Shell’s facilities in the Netherlands.

As part of the agreement, a committee of representatives of both companies will be formed to jointly evaluate activities that allow for the continuous development of operational processes.

Currently, we and Shell are partners in ten exploration and production consortia, each operating in five blocks.

About Petrobras

We have 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 Royal Dutch Shell plc

Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.