Brazil’s state-run oil company is nearing a deal in which CNPC would invest in an oil refinery in exchange for crude oil, two people with knowledge of the talks told.
ONGC Videsh is looking at buying a stake in oil fields in Ecuador and may also participate in an upcoming tender for the Intercampos blocks, Perez said.
China’s crude oil production in January and February fell 1.9% from a year ago to match a record low marked last August, data showed.
China’s natural gas output rose to the highest monthly rate since at least 2014 as state energy firms rushed to fill a supply gap sparked by surging winter demand.
The private companies concerned will take comfort that cooperation could reduce political risk. But for the broader reform agenda, half-measures will likely be worse.