BP and Petrobras have signed a Memorandum of Understanding (MoU) to explore a wide range of joint projects, both in Brazil and around the rest of the world.

The energy giants have committed to exploring areas of mutual interest in the upstream, downstream, trading and low carbon sectors.

The alliance is also expected to include the transfer of technology, joint training and research.

The firms currently partner in 16 exploration blocks across Brazil.

BP CEO Bob Dudley said: “Petrobras is a world-class energy company with which BP has built strong relationships over many years.

“We are now excited to deepen our partnership and explore even more opportunities together across all our businesses – in the upstream, downstream, trading and low carbon – both in Brazil and beyond.”