China’s Sinopec wants to take part in oil exploration in Brazil

25 February 2011

Rio de Janeiro, Brazil, 25 Feb – China’s Sinopec plans to take part in the tender to grant oil exploration rights in Brazil, the chairman of Sinopec International and Production Brazil, Jingjun Ding said in Rio de Janeiro Thursday.

The executive, who took part in the “Oil Gas Outlook 2011” seminar in Rio de Janeiro, said that China saw Brazil as a strategic area, as well as having a stable market.

Taking part in the National Oil Agency (ANP) calls to tender may involve Repsol Sinopec Brasil – the company acquired 40 percent of the Spanish company’s capita in Brazil – Sinopec on its own or in partnership with other companies.

The acquisition of the stake in Repsol Brasil gave Sinopec access to Brazil’s pre-salt resources, via a stake in block BM-S-9, in the Santos basin. (macauhub)