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Petrobras & Staatsolie Sign MoU to Explore Collaboration Opportunities
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Petrobras S.A. (PBR - Free Report) , the state-owned energy firm in Brazil, has signed a memorandum of understanding (MoU) with a Surinamese oil firm, Staatsolie. The non-binding MoU is aimed at exploring potential collaboration areas in various fields related to energy.
This includes exploring and producing hydrocarbon resources, seeking new energy sources, working on carbon capture technologies and exploring renewable energy resources. The MoU also includes other areas of cooperation between the two companies, including the transfer of knowledge and experience and contingency response planning.
Petrobras has highlighted that this opportunity to work in collaboration with Staatsolie might result in the adoption of more sustainable oil and gas practices. This should reduce the environmental impact of the company’s operations in the region and make it resilient to climate change. The agreement is in sync with Petrobras' strategy to build partnerships that enable it to strengthen its position as an integrated energy firm focused on energy transition. PBR plans to achieve this through knowledge transfer, sharing of risks and building on its expertise.
Staatsolie stated that the partnership with Petrobras should allow it to leverage the Brazilian energy firm’s expertise to contribute to the development of the oil and gas sector in Suriname, while focusing on sustainability. Furthermore, through cooperation, the two companies will also be able to support energy security in the region and transition toward alternative energy sources. Petrobras holds nearly 50 years of experience in developing offshore oil and gas fields in Brazil, with expertise in exploration and production in deepwater and ultra-deepwater fields.
PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a record high of $13.9 million in the second quarter of 2024, indicating a year-over-year increase of 4.51%. This growing backlog ensures strong revenue growth for FTI.
VAALCO Energy is an independent energy company involved in upstream business operationswith a diversified presence in Africa and Canada. Having a large inventory of drilling locations in the premium Acreage of Canada, EGY’s production outlook seems bright.
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Petrobras & Staatsolie Sign MoU to Explore Collaboration Opportunities
Petrobras S.A. (PBR - Free Report) , the state-owned energy firm in Brazil, has signed a memorandum of understanding (MoU) with a Surinamese oil firm, Staatsolie. The non-binding MoU is aimed at exploring potential collaboration areas in various fields related to energy.
This includes exploring and producing hydrocarbon resources, seeking new energy sources, working on carbon capture technologies and exploring renewable energy resources. The MoU also includes other areas of cooperation between the two companies, including the transfer of knowledge and experience and contingency response planning.
Petrobras has highlighted that this opportunity to work in collaboration with Staatsolie might result in the adoption of more sustainable oil and gas practices. This should reduce the environmental impact of the company’s operations in the region and make it resilient to climate change. The agreement is in sync with Petrobras' strategy to build partnerships that enable it to strengthen its position as an integrated energy firm focused on energy transition. PBR plans to achieve this through knowledge transfer, sharing of risks and building on its expertise.
Staatsolie stated that the partnership with Petrobras should allow it to leverage the Brazilian energy firm’s expertise to contribute to the development of the oil and gas sector in Suriname, while focusing on sustainability. Furthermore, through cooperation, the two companies will also be able to support energy security in the region and transition toward alternative energy sources. Petrobras holds nearly 50 years of experience in developing offshore oil and gas fields in Brazil, with expertise in exploration and production in deepwater and ultra-deepwater fields.
PBR’s Zacks Rank and Key Picks
Currently, PBR carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the energy sector are PEDEVCO Corp. (PED - Free Report) ,TechnipFMC (FTI - Free Report) and VAALCO Energy (EGY - Free Report) . PEDEVCO and TechnipFMC presently sport a Zacks Rank #1 (Strong Buy) each, while VAALCO Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a record high of $13.9 million in the second quarter of 2024, indicating a year-over-year increase of 4.51%. This growing backlog ensures strong revenue growth for FTI.
VAALCO Energy is an independent energy company involved in upstream business operationswith a diversified presence in Africa and Canada. Having a large inventory of drilling locations in the premium Acreage of Canada, EGY’s production outlook seems bright.