The MoU follows the Peregrino-transaction where Sinochem bought a 40% stake in the oil field offshore Brazil. Statoil maintains 60% ownership and the operatorship of the field, which is set to start production in early 2011.
The MoU underlines the plan of the two companies to jointly find out further opportunities in Brazil and elsewhere.
Helge Lund, CEO of Statoil, said: “The MoU is the beginning of a long term relationship between our two companies having similar international growth ambitions.”
“In addition, we look forward to partner with Sinochem in the further development and operations of the large Peregrino field. Both companies see many opportunities for value creation through increased recovery and exploration for additional resources in the decades to come.
“The recent transaction confirms the high quality of the Peregrino asset, reflecting Statoil’s value added through the field development.”
