Chinese partners now have stakes in Brazilian oil field

A consortium of state-run Petrobras of Brazil, China National Offshore Oil Corp. and China National Oil and Gas Exploration and Development Corp. made the winning bid for the licence to exploit the Búzios oil field off Brazil, Reuters reports.

The news agency says Petrobras has 90 percent of the consortium and its Chinese partners have 5 percent each.

The report says the right to exploit the Búzios field was among four rights to exploit oil fields off Brazil that were auctioned yesterday.

Petrobras made the winning bid to exploit for another, smaller oil field, the Itapu oil field, while the other licences on offer drew no bids.

Only Petrobras and the two Chinese companies made bids at the auction.

The auction earned the Brazilian government about 70 billion reais (about US$17.14 billion) in licensing fees, Reuters says.