Chinese oil company may sell slice in Campos Basin

Chinese oil and gas company Sinochem can sell its 40% stake in the Peregrino field in the Campos Basin in Rio de Janeiro. According to Reuters information, Sinochem is launching the sale process at a large discount from the price paid by the company for the purchase of the asset. The other 60% of the Peregrino field is from the Norwegian Statoil.

Sinochem’s purchase of the current stake in Peregrino occurred in 2010, amid a major row as other Chinese oil companies sought high-quality assets. The sale process would still be in its initial stages.

Sinochem’s press office said the company does not comment on specific projects. However, the company has monitored a large amount of business opportunities in the market and is ready to readjust and optimize its asset structure at the right time.

Given this news and as reported by Panorama Offshore (http://migre.me/w6IVe) in February, Statoil, which holds 60% of Peregrino has been concentrating its forces and investments in Brazil. Joining this information, we can conclude that Statoil can be a potential buyer of the other 40% of Sinochem and thus take over 100% of the Pilgrim field.

We can not say with certainty that Statoil will buy this slice, however, we know that the Nordic company sees a future of significant presence in Brazil for the next few years. We have to follow up the next information about this move.

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