Chinese companies China Petrochemical Corp. (SNP), or Sinopec, and China National Offshore Oil Corp., or CNOOC, are bidding for stakes in assets owned by Brazilian oil and gas company OGX Petroleo e Gas Participacoes SA (OGXP3.BR, OGXPY), in a potential $7 billion deal, Reuters reported Friday.
Chinese companies China Petrochemical Corp. (SNP), or Sinopec, and China
National Offshore Oil Corp., or CNOOC, are bidding for stakes in assets owned
by Brazilian oil and gas company OGX Petroleo e Gas Participacoes SA (OGXP3.BR,
OGXPY), in a potential $7 billion deal, Reuters reported Friday.
According to the report, citing sources with knowledge of the negotiations,
Morgan Stanley (MS) is advising Sinopec in its potential bid, while Bank of
America-Merrill Lynch is advising CNOOC.
Further details were not disclosed.
Eike Batista, the billionaire Brazilian businessman who is OGX's leading
shareholder, said earlier this year that the company could sell as much as 30%
of its offshore oil discoveries via farm-out deals.
OGX conducts
exploration activity in 29 blocks in Brazil.
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