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China will participate in Brazil’s next oil and gas bidding round

Friday, February 25th 2011 - 06:33 UTC
Full article 12 comments
Brazil’s oil and gas resources are mostly off shore Brazil’s oil and gas resources are mostly off shore

China's Sinopec Corp said it planned to participate in Brazil's next oil and gas bidding rounds, which should be resumed after the passage of a reform of the country's oil law expected this year.

Ding Jingjun, general manager of Sinopec in Brazil, said on Thursday during a presentation in Rio de Janeiro that the company was interested in teaming up with local or multinational partners to explore Brazil's massive sub-salt oil reserves.

”(Sinopec) will participate actively in bidding rounds for new exploration and production projects,” Jingjun said.

Sinopec will also strengthen its relationship with Brazilian state-run energy giant Petrobras as well as seek partnerships with other multinational and local companies operating in Brazil, Ding said.

Last year, Sinopec purchased a 40% stake in the Brazilian assets of Spanish oil company Repsol-YPF.

Top Comments

Disclaimer & comment rules
  • briton

    You allow all these takovers at your own peril,
    if she goes bang , brazil may go bang with her.
    and the rest, just an opinion lol

    Feb 25th, 2011 - 01:10 pm 0
  • mastershakejb

    lol, better than joining forces with a UK based oil company, like BP, ROFL!
    BP can't even manage to produce oil without spilling it all over the place, way to go UK! ROFL

    Feb 25th, 2011 - 04:40 pm 0
  • briton

    BP wasn’t the first, and definitely wont be the last.
    accidents do happen .

    Feb 25th, 2011 - 06:38 pm 0
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