Chinese oil company CNOOC Ltd wants to expand in Brazil and is considering bidding in an auction of offshore exploration blocs in the pre-salt area set for later this year, the head of the firm's Brazilian unit said on May 7.
CNOOC, owned by Chinese state-owned firm China National Offshore Oil Corp, is also looking for a partner in Bloc 592 in the Espirito Santo basin which it was awarded in a previous auction, country head Sheng Jianbo said at an event in Rio de Janeiro. The company additionally owns a stake in the Libra field in the Santos basin.
Brazil is set to hold a round of pre-salt auctions on Nov. 7. It will also auction off rights to excess oil in the so-called transfer-of-rights area on October 28, following the settlement of a long-running dispute with state-controlled firm Petroleo Brasileiro SA, known as Petrobras.
CNOOC already owns a 10% stake in the Brazil's Libra field in the Santos basin, jointly invested with Petrobras, Anglo-Dutch Royal Dutch Shell Plc and France's Total SA.
Sheng said production in the Libra field's long-term test is 58,000 barrels of oil equivalent per day.
Source:sxcoal
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