The deal, announced by Houston-headquartered Halliburton, is the second phase of a collaboration between the firms in Brazil.
The first phase started in 2009 and saw the two work together on 11 projects.
For this phase experts from both companies will pool their knowledge and innovation to tackle issues pertaining to complex reservoirs such as deep-water pre-salt.
The co-operation project’s brief will be to reduce well construction investment costs, to increase well productivity and to develop long-term reservoir monitoring.
Work will be done at Halliburton’s Brazil Technology Centre in Rio de Janeiro, one of 15 such centres the company runs around the world.