China National Petroleum Corp (CNPC), the nation's top oil producer, is said to be in the process of negotiations to buy Brazilian oil start-up Barra Energia Petroleo e Gas for around $2 billion, Bloomberg reported Wednesday, citing an unnamed source.
The deal could be struck by this month at the earliest, said the Bloomberg report.
Barra said on its website it has already gained combined investments of $1 billion yuan as well as $200 million in pledged investments. Both of Barra's blocks are in a region that holds oil reserves of at least 50 billion barrels below a salt layer. Both CNPC and its publicly traded unit PetroChina have yet to confirm the acquisition.
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