Chinese firms may also look to take stakes in Brazil. Bloomberg reported that China Petrochemical Corp is preparing to buy a stake in Portuguese oil producer Galp Energia, according to people familiar with the matter. Previously, Galp said it was looking to raise $2.7 billion by selling a piece of its Brazilian unit, which owns a stake in the Jupiter oil field that may hold more than 30 billion barrels of oil.
Galp is part owned by Italian oil giant Eni (E) and Amorim Energia. The company also owns a 10% stake in Brazil's largest ever find, the Tupi well, which was drilled in 2007 and was the largest oil find in the western hemisphere since the Cantarell field was discovered in Mexico in 1976.
-- Written by Antoine Gara in New York