Oil Giant CNOOC Signs Strategic Cooperation Agreement with Brazil's Petrobras

CNOOC, the Chinese state-owned oil and gas giant, has signed a strategic cooperation agreement with Petrobras, the Brazilian state oil firm, according to The Paper, a Chinese government-backed media outlet.

According to The Paper, the companies agreed to expand their collaboration in refining and chemical engineering, engineering construction and oilfield services, green and low-carbon energy, and crude oil trade.

CNOOC already has a strong presence in the Brazilian oil and gas sector, with a 7.34 percent stake in the deepwater Buzios field and a 9.65 percent stake in the Mero oilfield development.

China National Offshore Oil Corporation, or CNOOC Group, is one of China's largest national oil companies, and the third-largest after CNPC and China Petrochemical Corporation.

Petrobras, or Petroleo Brasileiro S.A., is a state-owned Brazilian multinational corporation in the petroleum industry headquartered in Rio de Janeiro, Brazil. Brazilian Petroleum Corporation is the name of the company.