CNPC extends spree with $2.6bn Peru deal

CNPC's deal to buy Brazilian firm Petrobras’ oil and gas exploration and production assets in Peru comes after China's leaders emerged from their third plenary session.
CNPC, China’s largest integrated energy company, is acquiring three blocks of oil and gas assets in Peru.
CNPC, China’s largest integrated energy company, is acquiring three blocks of oil and gas assets in Peru.

China National Petroleum Corp. has agreed to buy Brazilian state-controlled Petrobras’ oil and gas exploration and production assets in Peru for $2.6 billion, indicating that the go-global message to China’s state-owned enterprises has been affirmed by the country's leaders.

The deal, which is the first offshore Chinese acquisition since the long-awaited third plenary session of the Chinese Communist Party's Central Committee ended earlier this week, allows CNPC to further diversify its oil and gas reserves after it agreed in March to pay $4.2 billion for a 20% stake in a Mozambican offshore natural gas field.

Chinese offshore acquisitions -- which can generate huge fees for banks...

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