Chinese majors may make $7B bid for stakes in Brazilian OGX assets

By Phaedra Friend Troy

According to a report from Reuters, Chinese major producers Sinopec and CNOOC (NYSE:CEO) are bidding for interest in some of the hydrocarbon-rich assets of the privately held OGX, a Brazilian oil and gas producer.

With extensive acreage, prospects and discoveries offshore and onshore Brazil, interest in OGX’s assets may be worth up to $7 billion to the oil-strapped Chinese firms.

Owned by Brazilian billionaire Eike Batista, OGX is mulling the potential to sell interest in some of its acreage, after multiple discoveries onshore and off, added Reuters.

Started in 2007, OGX is the largest private sector exploration company in Brazil. With 7,000 square kilometers of offshore acreage and 21,500 square kilometers of onshore acreage, OGX holds 29 exploration blocks in the Campos, Santos, Espirito Santo, Para-Maranhao and Parnaiba Basins.

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