Photo by André Ribeiro/Petrobras Agency

Petrobras reports that today it signed a Memorandum of Understanding ("MoU") with the Norwegian company Equinor ASA – Equinor (formerly Statoil) to evaluate a joint business development in the offshore wind energy industry in Brazil.

Within the scope of the strategic partnership between the two companies, Petrobras and Equinor have been researching other potential areas for cooperation, including the development of renewable energy initiatives.

Joint studies with Equinor are part of Petrobras' strategy to develop high-value businesses in renewable energy in partnership with major global players, aiming at the transition to a low carbon matrix.

The MoU does not establish obligations for the parties to undertake any business, but indicates the intention of the companies to work together to develop projects in the offshore wind energy industry.

Petrobras' activities in the renewable energy industry

Petrobras has four wind farms in partnership, totaling 104 MW in installed capacity. These farms were traded on the Regulated Market Environment (“ACR”) in the 2009 reserve energy auction and entered into operation in 2011. The company also owns a 1.1 MW solar photovoltaic power research and development plant in Rio Grande do Norte, where the operations of four types of technology are currently under evaluation.

Equinor's activities in the renewable energy industry

Equinor operates three wind farms along the coast of the United Kingdom and is involved in the development of other offshore wind projects in the United Kingdom, Germany and the USA. Equinor is a pioneer in the development of solutions for deep water offshore wind farms. The company is also the world leader in carbon capture and storage (CCS).