Sinopec, CNOOC Seeks $7B Bid For Brazil OGX Oil Blocks

Sinopec, CNOOC Seeks $7B Bid For Brazil OGX Oil Blocks
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Παρ, 10 Σεπτεμβρίου 2010 - 18:56
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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