Brazilian state-run oil company Petrobras (PETR4.SA) and China's Sinopec (0386.HK) have finalized a joint venture agreement to explore blocks off the coast of northern Brazil, a Sinopec official said on Wednesday.
Carlos Stenders, adjunct director of Sinopec's Brazil unit, told reporters on the sidelines of an industry conference that the agreements were signed during Brazilian President Dilma Rousseff's visit to China. He did not provide details on what the stake of each company would be in the blocks.
Last year, Petrobras signed a cooperation agreement with Sinopec for the possible joint development of the BM-PAMA-3 and BM-PAMA-3 blocks that Petrobras won in auctions in 2001 and 2004.
Brazil is seeking financing to tap oil thousands of meters below the ocean's surface, while cash-rich and energy-hungry China is scouring the globe for crude reserves
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