October 10, 2019 / 12:22 AM / 7 days ago

Petrobras, Equinor tie up for natural gas projects

FILE PHOTO: A logo of the Brazil's state-run Petrobras oil company is seen in Rio de Janeiro, Brazil March 25, 2019. REUTERS/Sergio Moraes/File Photo

RIO DE JANEIRO (Reuters) - Brazil’s state-run oil company Petroleo Brasileiro SA (PETR4.SA) said on Wednesday it has signed a memorandum of understanding with Oslo-based Equinor ASA (EQNR.OL) focused on the joint development of natural gas business projects.

The companies aim to maximize downstream value through thermoelectric generation as well as feasibility studies related to gas processing assets and pipelines owned by Petrobras in the Rio de Janeiro region where a natural gas processing plant is being built in Itaboraí.

“These locations have potential to become relevant natural gas hubs in the country in the coming years,” Petrobras said.

The companies intend to combine efforts in investment in the natural gas, liquefied natural gas (LNG) and power generation segments, it said.

Currently, Petrobras and Equinor are partners in the Roncador oilfield and in several exploratory blocks, including BM-C-33, Dois Irmãos and C-M-709.

Reporting by Anthony Boadle; Editing by Muralikumar Anantharaman

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