Petrobras, CNPC in upstream and downstream talks

Brazil

RIO DE JANEIRO, July 5, 2018 – Petrobras and China National Petroleum Corporation (CNPC) have signed a letter of intent to work together on upstream and downstream projects, the NOCs said in a Brazilian securities filing on Wednesday.

The companies are negotiating CNPC’s potential participation in the offshore Marlim field cluster, as well as collaboration on the unfinished Comperj refinery in Rio de Janeiro.

Production from the maturing Marlim field is to be processed at the 165,000-bpd Comperj refinery, which requires an estimated USD 3 billion to complete, on top of the USD 13 billion already invested by Petrobras.

“We are taking another step in the search for partners to conclude Comperj, and at the same time guarantee new investments and the revitalisation of the Marlim field,” said Petrobras CEO Ivan Monteiro.

No further details on the partnership were provided.

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