Petrobras, Shell join forces to focus on potential upstream opportunities

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Jean Paul Prates and Wael Sawan – the Chief Executive Officers (CEO) of Petrobras and Shell respectively inked a five-year deal that will see both oil companies joining forces to identify potential upstream opportunities. 

The deal – signed on the sidelines of CERAWeek 2023 – will also see Petrobras and Shell sharing experience and best practices on reducing carbon emissions, along with social and environmental initiatives. 

“As Shell celebrates our 110th anniversary of working in Brazil, this exciting agreement reinforces both the significance of the country within our global portfolio, and our strong partnership with Petrobras,” said Wael Sawan. 

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The agreement is non-binding and focuses on potential exploration opportunities in and beyond Brazil’s pre-salt, including the Equatorial Margin. It also contemplates energy transition efforts, with an emphasis on renewables and carbon capture, utilisation and storage (CCUS). 

Petrobras said both companies will be pursuing projects to preserve and restore biodiversity, with the goal of issuing credits to offset carbon emissions. 

“Being able to rely on partners, such as Shell, is vital for Petrobras’s future plans, because partners can add their strength to areas where the company is looking for profitable diversification, such as renewables and hydrogen,” stressed Jean Paul Prates. “We will be looking to learn from the main players as we lead Petrobras towards a fair energy transition.” 

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Petrobras and Shell have a long history of working together on research and development into technology of mutual interest, having signed in 2020 a Strategic Technical Cooperation Agreement. 

Currently, Petrobras and Shell are working together on important assets in Brazil, like, Tupi, Sapinhoá, Mero, Atapu, among others.

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