Global Times reported that China Sinochem Group, the country fourth largest oil company will bid on oil and gas exploration licenses in Colombia next month.

Bloomberg reported that the Colombian government has put up as many as 228 oil blocks for international bids this year, covering almost 60 million hectares.

Sinochem has also submitted a bid for stakes in a large offshore oil field in Brazil in which Norwegian state oil company Statoil ASA is selling a 40% share valued at as much as USD 3 billion.

Norway based Statoil in which the Norwegian government holds a 67% stake is the biggest offshore oil and gas company in the world. Statoil ASA holds the license for the Peregrino field Block BM-C-7.

The entire oil field is estimated to hold recoverable reserves of about 500 million barrels of heavy oil.

(Sourced from Global Times)