Petrobras, Sinopec to team up in offshore oil exploration.

(From Business Daily Update)

Author: ww Brazil's Petroleo Brasileiro SA (Petrobras) plans to team up with Sinopec Group to conduct offshore oil exploration. The Brazilian oil giant has invited Sinopec Group to bid for an offshore block in Brazil, and the two sides will set up an exploration joint venture soon, said Marcelo Castilho, chief representative of Petrobras's China office. Exploration will be conducted in offshore areas of both countries initially, expanding to the Gulf of Mexico and waters belonging to other Latin American nations in the future, Castilho said. Sinopec Group will provide funding, with Petrobras contributing technology, he said. The …