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CNOOC, China's largest offshore oil producer, and Petrobras, Brazil's state oil company, plan to start formal talks concerning oil exploration in the South China Sea and off the coast of Brazil.
The two companies have begun initial negotiations and CNOOC plans to send a team to Brazil to discuss with Petrobras the possibility of investment in deepwater projects. CRIENGLISH.com reported Wednesday.
A venture with Petrobras should help CNOOC achieve a much needed increase in production after China's oil-import bill soared by 55 percent last year. CNOOC produced crude oil and gas equivalent to 314,000 barrels a day off the coast of China in the first three months of this year.
(CRI July 15, 2004)
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