Royal Dutch Shell and Petrobras have formed a deepwater partnership focused on developing presalt fields offshore Brazil, Shell said in a news release.

The memorandum of understanding, which was signed last week, involves sharing best practices and learnings on safety and governance management, technical and operational solutions, contract management, logistics, wells construction and air transportation safety. 

“In true partnership spirit between two of the world’s largest energy companies, Shell will benefit from technical solutions, contract management expertise and cost efficient initiatives Petrobras applies to Brazil’s pre and post-salt projects,” Shell said in the release. “Shell will share with Petrobras its global deep water experience, especially on cost efficiency efforts and use of technology.”

The agreement is valid for five years and can be renewed, according to the release.

Holding minority interests in the Libra and Lula fields, Shell is a strategic partner of Petrobras. Shell also has stakes in areas such as the Santos Basin’s Sapinhoá, Lapa, and Iara fields.