Petrobras and Foro Energy Announce Signing of Technology Cooperation Agreement

HOUSTON­­(BUSINESS WIRE)­­Petrobras and Foro Energy today announced the signing of a Technology Cooperation Agreement (TCA) for high power laser drilling research and development. The program with the Leopoldo Americo Miguez de Mello Research & Development Center (CENPES) will focus on developing a next generation high power laser drilling system. The TCA sets the framework for collaborative research between Petrobras and Foro Energy over an initial three­year time period with the opportunity for extensions.

The ultimate goal of the collaboration will be to achieve a step change in drilling performance in the challenging pre­salt (subsalt) reservoir. High power lasers have the potential to deliver step change performance in drilling by increased rate of penetration, extremely low weight on bit and torque, thereby prolonging bit life and lower drilling cost per foot.

The Technology Cooperation Agreement was signed by Andre Cordeiro Executive Manager of CENPES and Paul Deutch, CEO of Foro Energy. It follows a previously signed Memorandum of Understanding (MoU) between the two companies enabling the opportunity for wider collaboration in utilizing high power lasers for additional applications.

Petroleo Brasileiro S.A. ­­ Petrobras (NYSE:PBR)

Foro Energy Foro Energy is commercializing high­power lasers for the oil, natural gas, geothermal and mining industries. Their hardware platform transmits high­power lasers over long distance using fiber optic cables to more efficiently drill, complete and work over wells.