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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (36579)	7/4/2008 1:08:51 PM
From: elmatador	Respond to of 218144

Petrobras to help China's offshore "We know that we have a lot of oil. There is an important reserve on our coast and the expectations that there is yet more are enormous," Fu said. "But the oil is in deep water, and we know that today Petrobras is the company that's best able to identify it." China eyes Petrobras to develop offshore oil reserve Petrobras, will be invited to help develop China's offshore oil reserves, the president of China National Offshore Oil Corp., or Cnooc, told the local Estado news agency. Cnooc's Fu Chengyu told Estado that the offer will be extended this year. "We know that we have a lot of oil. There is an important reserve on our coast and the expectations that there is yet more are enormous," Fu said. "But the oil is in deep water, and we know that today Petrobras is the company that's best able to identify it." Cnooc wants Petrobras to help develop a deposit in the China Sea that has reserves of at least 7 billion barrels of oil. In addition, Cnooc also wants a chance to be a player in Brazil, Fu said. "We also want to explore the possibility of being active off the Brazilian coast, where great reserves are indicated to exist," Fu said. Petrobras and other major oil companies have announced a series of oil finds in the pre-salt layer of the Santos Basin, off the coast of Sao Paulo and Rio de Janeiro states. The area includes the massive Tupi field, which Petrobras estimated in November could contain as much as 8 billion barrels of oil equivalent, or BOE, in recoverable reserves. Petrobras President Jose Sergio Gabrielli called the prospective invitation to explore in China "welcome," according to Estado. In addition, Gabrielli said that Petrobras was also evaluating three exploration locations off the coast of India. -By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; jeff.fick@dowjones.com (END) Dow Jones Newswires July 03, 2008 17:49 ET (21:49 GMT)