CNOOC will pull out of bidding for the stakes of Brazil’s OGX Petroleo & Gas Participacoes. CNOOC is seeking to avoid direct competition with its brother company, Sinopec Group. OGX was planning to sell a 20% stake in an offshore oilfield at Campos Basin for about $7 billion. CNOOC and Sinopec Group were among the potential buyers of the OGX stakes.
Click here for the release from Trading Markets.