(Dow Jones) Japan infrastructure minister Takeshi Maeda and Brazil industry minister Fernando Pimentel signed a memorandum of understanding in Tokyo on Tuesday to advance technical cooperation in developing a large-scale oil field under the seabed off Brazil, ministry officials said, Kyodo News reported.
Off the southern coast of Brazil, Petroleo Brasileiro SA (PBR), the country’s state-run petroleum company also called Petrobras, is developing an oil field at a depth of 2,000 meters or deeper.
Brazil is keen on tapping Japan’s shipbuilding technology, while the Japanese side hopes to sell vessels needed for oil development to Brazil and gain know-how needed to develop marine resources within Japan’s exclusive economic zone, the officials said.
Pimentel said after the signing event that 500 vessels would be necessary for the project.
-Dow Jones Newswires
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