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 . BP today announced that is has signed a memorandum of understanding to explore areas of cooperation with Petróleo Brasileiro S.A. (Petrobras). 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 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 .