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Foro Energy and Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) Sign Technology Cooperation Agreement

Boston, MA 08/26/2014 (wallstreetpr) – According to reports, Foro Energy and Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) have decided to sign a technology cooperation agreement. The main agenda of this agreement is to initiate high power laser drilling research and development activities.

This program will be initiated with the support of CENPES (Leopoldo Americo Miguez de Mello Research & Development Center) to focus on next generation laser drilling system. The initial timeline of the technology cooperation agreement is three years with further chances for extension.

What’s the main driving force behind this agreement:

The main objective of the agreement is to achieve the ultimate accuracy and efficiency in the drilling performance in the challenging subsalt reservoir. Drilling has become one of the most important steps of the industry, and high power laser can execute it in minimum time and least possible efforts with the help of the increased rate of penetration. Other than the increased rate of penetration, extremely low weight on torque and bit also plays an important role in the drilling process by prolonging the life of the equipments and decreasing the cost per foot.

The TCA (technology cooperation agreement) was signed by two people i.e. Paul Deutch, CEO of Foro Energy and Andre Cordeiro, Executive Manager of CENPES. Both the companies signed a MoU (Memorandum of Understanding) previously which enabled them to collaborate in future with a sole objective of developing high power lasers. Both the companies have been focusing most on the usage of additional applications in drilling process for a long time to improve its efficiency.

Foro Energy is known for commercialization of high-power lasers for natural gas, oil, mining and geothermal industries. Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) seeks the support of Foro Energy to develop its laser equipments. They will not only increase the efficiency, but also reduce the cost of drilling in a long run for the company.

Published by Pamela Garcia

Pamela Garcia is a keen follower of U.S. stock market

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