In a statement the Chief Representative of Petrobras in Beijing, Marcelo Castilho da Silva said, “The two companies signed a contract last May, stipulating that they would cooperate in petroleum sales, exploration, production, refining, pipes, engineering service and technologies and other aspects.”
“During the preliminary period of cooperation, our efforts will be focused on exploring and developing the offshore areas of both countries. And in the mid and long term, we will go to explore other oceans worldwide, especially those around the Latin America which may include areas near Africa, Venezuela, Columbia and the Mexico Gulf.
“But currently, the two companies’ cooperation regarding China will be mainly in the South China Sea [and] work is expected to begin in six months to one year. Exploration of water off Brazil is scheduled to begin in January of 2005,” he added.
Under the terms of the deal CPCC will provide funding for the exploration while the Brazilian firm would provide the technology.
