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Tuesday, February 27, 2007

Gazprom, Brazil's Petrobras sign agreement on oil and gas

MOSCOW, February 26 (RIA Novosti) - Gazprom [RTS: GAZP] and Brazilian oil company Petrobras have signed an agreement on hydrocarbon cooperation, the Russian energy giant said in a news release Monday. The document, signed February 23, paves the way for collaboration in prospecting, development, sales and transportation projects in Latin America and, in particular, the development of sea deposits, liquefied natural gas production and high technology cooperation. Gazprom's representatives in Brazil reiterated the company's interest in assisting in the design and construction of the transcontinental gas pipeline that Brazil, Argentina and Venezuela are planning to build. Government-controlled Petrobras commands the country's oil and gas transport system and owns 11 refineries. Brazil holds 1.5 billion metric tons (11 billion barrels) of crude and 326 billion cubic meters of natural gas in proven reserves, a significant volume of this is deposited under sea. Petrobas, the Brazilian oil and gas leader since 1953, accounts for 95% of crude output and controls 90% of natural gas reserves. The country cannot meet all domestic demand for natural gas and imported additional gas from Bolivia and Argentina in 2006.

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