China’s largest oil and natural gas producer, PetroChina (601857.SHA, 0857), is set to buy the Peruvian assets of Petroleo Brasileiro’s (PETR3.BVMF), Brazil’s biggest oil and gas producer, for US$2.6 billion, Bloomberg reported, citing a statement to the Hong Kong stock exchange. The Beijing-based company will take over three blocks of oil and gas fields in Peru from the Brazilian state-run producer. China National Petroleum, PetroChina’s state-owned parent, already owns oil and gas assets in Peru and Venezuela. Petroleo Brasileriro, the most indebted publicly traded oil company, has been selling assets to help fund projects in Brazil’s deep waters.
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