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U.S. Majors Skip Top Brazil Oil Find as Chinese Compete

U.S.-based oil companies are passing on the chance to bid for Brazil’s biggest crude discovery while state-run producers from China, India and Malaysia prepare to compete in an Oct. 21 auction.

China National Petroleum Corp., China’s biggest oil company, and China National Offshore Oil Corp., its largest offshore producer, have registered for the Libra oilfield licensing round, the country’s oil regulator said in a statement yesterday. China Petrochemical Corp., known as Sinopec Group, is participating in the auction through a Brazil-based joint venture with Repsol SA.