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Tuesday, 02 December, 2008, 22:10 GMT | more >>

CNOOC extends Petrobras invite



By Upstream staff 

Petrobras will be invited to help develop China’s offshore oil reserves which include a deposit that contains at least 7 billion barrels of oil, local media reported China’s China National Offshore Oil Corporation (CNOOC) saying.

“We know that we have a lot of oil. There is an important reserve on our coast and the expectations that there is yet more are enormous,” CNOOC president Fu Chengyu said in reference to the offer that will be extended this year.

“The oil is in deep water, and we know that today Petrobras is the company that’s best able to identify it,” Brazil’s local Estado news agency reported Fu saying.

Cnooc wants Petrobras to help develop a deposit in the China Sea that has reserves of at least 7 billion barrels of oil, while CNOOC also wants a chance to be a player in Brazil.

"We also want to explore the possibility of being active off the Brazilian coast, where great reserves are indicated to exist," Fu said.

Petrobras and other major oil giants have announced a series of oil discoveries in the pre-salt layer of the Santos Basin, off the coast of Brazil.

Petrobras president Jose Sergio Gabrielli called the prospective invitation to explore in China "welcome," reported Estado. In addition, Gabrielli said that Petrobras was also evaluating three exploration locations off the coast of India.


Friday, 04 July, 2008, 06:04 GMT  | last updated: Friday, 04 July, 2008, 06:06 GMT

CNOOC's president Fu Chengyu: extends invitation to Petrobras
 

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