BP and its Brazilian partner Petróleo Brasileiro ( Petrobras ) have signed a memorandum of understanding to create a strategic alliance , exploring upstream , downstream , trading and low carbon opportunities , within Brazil and further afield . The two firms currently collaborate on 16 exploration blocks in the South American country , and are both members of the Oil & Gas Climate Initiative . The UK company has been doing business in Brazil for over 60 years , undertaking oil and gas exploration , supplying fuels and chemicals , and developing infrastructure .
BP and its Brazilian counterpart Petróleo Brasileiro (Petrobras) have signed a memorandum of understanding to form a strategic alliance, exploring upstream, downstream, trading and low carbon opportunities, within Brazil and further afield. The two firms currently collaborate on 16 exploration blocks in the South American country, and are both members of the Oil & Gas Climate Initiative. The UK company has been doing business in Brazil for over 60 years, undertaking oil and gas exploration, supplying fuels and lubricants, and developing biofuels.