Brazil's national oil company Petrobras has entered into an agreement with Statoil to enhance their existing business collaboration in oil and gas development and production.
The two companies have been cooperating on exploration and technology development for several years, but this new agreement is more comprehensive and binding.
Petrobras and Statoil recognise that they have many common strategic objectives and cultural values, and that a partnership between the national companies will be highly beneficial for their respective countries and shareholders.
"Statoil sees this agreement as an important step towards establishing significant business operations in Brazil based on our common experience as national oil companies," says acting chief executive Inge K Hansen.
The companies will continue to cooperate to develop relevant technologies which will be of use to both parties, and to discuss common areas of concern such as health, safety and the environment.