France's Total, Brazil's Petrobras Sign MoU to Create Strategic Alliance

French oil and gas company Total and Brazil’s energy giant Petrobras signed a Memorandum of Understanding which sets the general framework for a Strategic Alliance covering Upstream and Downstream activities in Brazil as well as international potential opportunities, according to the statement.

MOSCOW (Sputnik) — French oil and gas company Total and Brazil’s energy giant Petrobras on Monday signed a Memorandum of Understanding (MoU) in order to reach the level of strategic partnership in operations in both Brazil and worldwide, Total said in a press release.

"Petrobras and Total inform that Pedro Parente, CEO of Petrobras, and Patrick Pouyanne, Chairman and CEO of Total, have signed today, in Rio de Janeiro, a Memorandum of Understanding which sets the general framework for a Strategic Alliance covering Upstream and Downstream activities in Brazil as well as international potential opportunities," the press release said.

According to the press release, within the alliance Petrobras will propose for joint implementation projects in Brazil, while the French company would propose its counterpart participation in the projects outside the country.

According to the press release, the two companies are currently participating in 15 consortiums, including 9 in Brazil, aimed at both oil and gas exploration and production.