With this agreement, Eni and Petrobras have strengthened their mutual co-operation through a renewed and broadened partnership. The evaluation of joint initiatives for the production and refining of oil will be carried out, with Eni providing its exclusive Eni Slurry Technology (EST), which allows the deep conversion of residues and heavy oils, typical of those produced in Brazil.
Joint feasibility studies will also be undertaken to produce and market renewable fuels in Brazil and other countries, with specific focus on the social and environmental sustainability of the projects.
With respect to the memorandum of understanding (MoU) signed in March 2007, the agreement will also include a joint study of the possible options for the valorization of the natural gas reserves discovered offshore Brazil by Eni, particularly in the Santos oil basin, a promising exploration area which was recently awarded to Eni and where the Belmonte-1 discovery well was drilled in 2005.
