SHENZHEN, Aug 18, 2010 (SinoCast Daily Business Beat via COMTEX) --
China Petroleum & Chemical Corporation (Sinopec; SEHK: 0386; SHSE: 600028) and China National Offshore Oil Corp. (CNOOC) are separately in talks to buy a 20% stake in an offshore oil field owned by OGX Petroleo & Gas Participacoes SA.
Chinese oil producers and mining companies are not unfamiliar with OGX Petroleo & Gas Participacoes SA. On February 26, Chinese steelmaker Wuhan Iron and Steel (Group) Corporation (WISCO) purchased 21.52% of MMX for USD 400 million, which is one of the subsidiaries under OGX Petroleo & Gas Participacoes SA.
The deal comes after Sinopec and CNOOC came up with a plan to buy a stake held by Marathon Oil Co. in an Angolan oil block after agreeing a price of around USD1.8 billion.
Marathon has chosen Sinopec and CNOOC's joint offer over separate bids from ONGC Videsh Ltd., the overseas investment
arm of India's state-run explorer Oil & Natural Gas Corp., and Brazil's Petroleo Brasileiro, known as Petrobras.
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