According to Petrobras CFO Jose Sergio Gabrielli de Azevedo, “Petroleo Brasileiro SA (Petrobras) and CNOOC Ltd are in discussions to explore the possibility of jointly conducting deep water oil explorations in China.”

“We [also] plan to increase our exports of crude oil to China [but] we don’t have a lot of excess capacity to sell,” added de Azevedo.

Bohai Bay has been singled out as the most likely target for the new JV.