News

Chinese companies to drill for oil off Brazil

The Brazilian National Agency of Petroleum, Natural Gas and Biofuels has announced that three Chinese oil companies and their respective partners have won rights to develop oil fields off Brazil that were put up for auction, the Global Times reports.

The Chinese state-owned newspaper says the Chinese companies are China Petroleum & Chemical Corp. (Sinopec), China National Oil and Gas Exploration and Development Corp. (CNODC), and China National Offshore Oil Corp. (CNOOC).

Sinopec, CNODC and CNOOC were among the winning bidders for the rights to develop 6 pre-salt oil reserves off the coast of Brazil.

The Global Times quotes an authority on the Chinese oil industry, Zeng Xingqiu, as saying: “China and Brazil have a very good relationship in energy co-operation, and Chinese oil producers aim to further develop their deep-sea drilling technologies.”