China National Offshore Oil Corporation (CNOOC) has signed a cooperation agreement with Brazilian oil and gas company Petrobras, reported China Daily.

The Chinese Government-owned oil and gas company hopes to further extend its partnership in exploration and development of oil and gas projects, as well as in the chemical and refining sector, through the agreement.

In addition, the parties will increase collaboration in engineering construction, oilfield services and crude oil trade, the publication said, citing CNOOC.

The signing, according to CNOOC, is a significant turning point in the growth of oil and gas collaboration between CNOOC and Petrobras and is vital to advancing the Belt and Road Initiative and global energy cooperation.

In recent years, CNOOC has shown significant interest in the oil and gas markets in Brazil.

Currently, it holds a 7.34% stake in the integrated development of the Buzios field and a 9.65% share in the Mero oil field in Brazil.

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By GlobalData

Located in Santos Basin offshore Brazil, Búzios oil field is said to be the world’s largest deepwater pre-salt producing oil field.

Earlier this week, Petrobras announced the signing of memorandums of understanding (MoUs) with China Development Bank and Bank of China.

The non-binding MoUs are aimed at assessing investment prospects and cooperation in low-carbon and green finance initiatives and financing the Brazilian energy company’s supply chain, as well as increasing and facilitating commercial and financial exchanges between Petrobras and Chinese businesses.