Spanish oil major Repsol and China’s Sinopec will form an alliance in Brazil valued at $17.8bn.
Sinopec will buy a 40% stake in the joint venture for $7.1bn, while Repsol will retain the remaining interest.
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The deal is expected to help Repsol develop costly subsalt deposits, which have been estimated to hold 50 billion barrels of crude.
Sincopec is aiming for a production of 200,000 barrels per day oil equivalent from its acquired interests.
Repsol holds stakes in Brazil’s Santos and Espirito Santo basins and plans to invest $14bn through 2019 to increase crude output.
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