Sinochem in Brazil Farm-In

摘要

Sinochem, the Chinese state-owned petrochemical group, agreed to buy 10% stakes in five offshore oil blocks in Brazil’s Espirito Santo basin from London-based Perenco, the two companies said in statements. The move expands Chinese penetration of Brazil’s fast-growing offshore oil frontier. The “farm-out” agreement leaves Perenco, an Anglo-French oil company, with 40% of the BM-ES-37, BM-ES-38, BM-ES- 39, BM-ES-40 and BM-ES-41 blocks near Vitoria Brazil, an exploration area just north of Brazil’s Campos Basin, the source of more than 80% of Brazil’s oil output.