Beijing, April 11th, 2011 - China Petroleum & Chemical Corp. will team up with Petroleo Brasileiro SA to develop offshore areas of the Para-Maranhao basin in northern Brazil after negotiating for a year, Brazil’s state-run producer said.
Petrobras Chief Executive Officer Jose Sergio Gabrielli, speaking to reporters in Beijing today, declined to give the financial terms of the transaction.
Last year, Petrobras announced a preliminary agreement to sell stakes in two blocks, BM-PAMA-3 and BM-PAMA-4, to Sinopec. Sinopec is keen to expand its overseas oil and natural-gas operations, Sinopec President Wang Tianpu said March 28.
Beijing-based Sinopec agreed last October to pay $7.1 billion for a 40 percent stake in Repsol YPF SA’s exploration assets in Brazil’s offshore Campos, Santos and Espirito Santos basins.
Brazilian President Dilma Rousseff is in China on an official visit to boost trade and investment between the nations and will meet with President Hu Jintao tomorrow.
Petrobras is investing $224 billion in the five years through 2014, the largest spending plan of any oil company, to increase oil and gasoline output. - Bloomberg
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