CNOOC, Sinopec Weigh $7 Billion Bid for OGX Assets

Cnooc Ltd. and China Petrochemical Corp. may offer at least $7 billion for Brazil oil assets and a stake in OGX Petroleo & Gas Participacoes SA, according to two people with knowledge of the matter.

OGX, which is based in Rio de Janeiro and controlled by billionaire Eike Batista, may seek to sell an equity stake of less than 30 percent as well as oil blocks, one of the people said. While binding offers would be due around the middle to end of next month, no offer has been presented and Cnooc hasn’t decided whether to make a joint bid, according to the person.