Cnooc Interest in Brazil Driven by China Oil Demand
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Cnooc Ltd., China’s biggest explorer for offshore oil and gas, may add to the nation’s fivefold increase in direct investment in Brazil this year as demand for raw materials increases.
China Petrochemical Corp., the nation’s second-biggest energy company, and Cnooc may offer at least $7 billion for Brazilian oil assets and a stake in OGX Petroleo & Gas Participacoes SA of Rio de Janeiro, two people with knowledge of the matter said on Sept. 10. Cnooc shares rose to the highest in more than two years this week on speculation it may bid for valuable properties in Latin America’s biggest economy.