Petrobras and Equinor have signed MoU focused on natural gas value chain. Credit: Eric and Christian.

Brazil’s state-run oil company Petrobras has signed a memorandum of understanding (MoU) with Oslo-based Equinor to focus on the development of natural gas business projects.

The firms signed a strategic partnership in December 2017.

Under the MoU, the companies will focus on businesses related to natural gas produced from the partnership projects.

The MoU aims to increase value in the downstream segment of the two companies through natural gas thermoelectric generation projects.

This partnership is also aimed at maximising value through feasibility studies relating to gas processing assets and pipelines in TECAB (Cabiúnas Terminal in Macaé) and COMPERJ (Petrochemical Complex of Rio de Janeiro, in Itaboraí), where a natural gas processing plant (UPGN) is currently underway. Petrobras is the owner of these two assets.

Strategic locations of these assets have the potential to serve as natural gas hubs in the country in future years.

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Petrobras CEO Roberto Castello Branco and Equinor CEO Eldar Saetre signed the MoU. This is part of their strategies to combine their efforts in investments in the natural gas, liquefied natural gas (LNG) and power generation segments.

The MoU also confirms their intention to jointly work and develop projects in these segments.

Currently, the two companies are partners in the Roncador field and in the exploratory blocks BM-C-33, Dois Irmãos and C-M-709, among others. This partnership is aligned with the Petrobras Business Plan.

In July, Petrobras signed an agreement with Brazil’s regulatory body CADE regarding the sale of its refining installations.