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Chinese companies negotiate entry into oil block in Brazil
Two oil companies from China are separately negotiating with Brazil’s OGX Petr?leo e G?s Participa??es to acquire a 20 percent stake in an oil block in the Campos basin, the 21st Century Business Herald reported in Beijing.
The paper said that the companies involved were China Petrochemical
(Sinopec) and China National Offshore Oil Corp (CNOOC) but noted that no
deal had so far been reached and was unable to get a comment on the
deal from either of the companies.
Brazil is currently one of China’s main investment targets with deals so
far this year worth US$4.3 billion in the raw materials sector, which
was far more than the US$362 million total for 2009.
In May, the Sinochem group acquired a 40 percent stake in an oil field
from Norway’s Statoil for US$3.07 billion, showing that exploration in
deep waters continued to be a high value business, even after the
British Petroleum (BP) oil spill in the Gulf of Mexico.
The deal was followed by a preliminary agreement in March for the
acquisition, by the East China Mineral Exploration and Development
Bureau (ECE), of mining company Itaminas Com?rcio de Min?rios SA, for
around US$1.2 million.
Source: Macauhub
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