Brazilian oil company Petrobras has signed a memorandum of understanding with Portugal’s Galp Energia to expand cooperation between the two companies and consolidate their strategic alliance.

In a statement on Tuesday, Petrobras said the partnership could mean cooperation in exploration, development, and production of oil and gas around the world.

The agreement also stipulates the firms would jointly conduct offshore oil and gas exploration in deep waters.

The two oil firms have been cooperating for fifteen years now. They are partners in several exploration and production projects in Brazil.

Source: www.offshoreenergytoday.com