China’s Sinochem Corp Acquires Stakes In Brazilian Oil Blocks

Sinochem Petróleo Brasil Ltda, a 100-percent owned subsidiary of China’s Sinochem Corporation, has agreed with Anglo-French company Perenco to acquire a 10 percent stake in five oil blocks in Brazil, the company said in a statement issued on its website. Subject to approval by the Brazilian authorities, Sinochem will provide Perenco with funding in exchange for a 10 percent stake in the five blocks, and Perenco’s stake will be reduced to 40 percent although it will remain as operator of the blocks.

More information about China oil, please try to use 『 sz China Refining Monthly 』 - Free Trial OGX Petróleo e Gás, a subsidiary of Brazilian group EBX, owned by businessman Eike Baptista, will keep its current 50 percent stake in the five blocks, which are located in the deep waters of the Espírito Santo basin and cover an area of 3,635 square kilometres.

The fourth largest oil company in China, state-owned Sinochem recently acquired a stake in the Peregrino oil field, in Brazil’s Santos basin from Norway’s Statoil..

(Macauhub.com.mo, Edited by Topco)