Petrobras, Statoil extend partnership for old wells - sources
By Tatiana Bautzer and Marta Nogueira
RIO DE JANEIRO, Oct. 4 (Reuters) - Petróleo Brasileiro SA and Norway's Statoil ASA are expanding an existing partnership to help the Brazilian state-controlled company arrest declining production at aging wells in the offshore Campos Basin, two people with direct knowledge of the plan said.
In late August, Petrobras and Statoil signed a memorandum of understanding that has since evolved to targeting aging wells. Both firms are discussing under which terms Statoil could get stakes in some fields in exchange for fresh investment and technological cooperation, the people said.
Press representatives for Petrobras did not have a comment. The sources asked not to be identified because the talks remain private.
However, in an emailed statement to Reuters, Oslo-based Statoil acknowledged the plan, adding that it is too early to elaborate on the evolution of the talks.
The decision underscores steps by Chief Executive Officer Pedro Parente to rationalize capital spending at Petrobras, and cope with the impact of low oil prices and a sweeping corruption scandal involving the company.
The Campos Basin, which was responsible for about 85 percent of Brazil's oil output five years ago, accounts now for 58 percent. Petrobras produces about 80 percent of Brazil's oil and is responsible for developing massive offshore oil finds in a region known as the Subsalt Polygon, which first produced oil in 2008.
The move comes two months after Statoil agreed to pay $2.5 billion for a 66 percent stake in Carcará, one of Petrobras' largest oil and gas prospects. Recently, the companies signed a deal in which they said would collaborate on existing fields in Brazil's Campos and Santos Basins..