A consortium including China National Offshore Oil Corp. (CNOOC; 0883.HKG, CEO.NYSE) and China National Petroleum Corp. (CNPC) on Monday won a bid to develop Brazil’s giant offshore Libra oil field, the official Xinhua News Agency reported. The Chinese firms bid with Royal Dutch Shell (RDS.A.NYSE, RDSA.LON), France’s Total (TOT.NYSE) and Brazil’s Petroleo Brasileiro SA (Petrobras; PBR.NYSE). CNOOC and CNPC have a 10% stake each, with Shell and Total taking 20% each, and Petrobras the remaining 40% share. The contract between the Brazilian government and the winning consortium is expected to be signed within a month.
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