China and Brazilian companies are in advanced talks about developing a new oilfield in South American territory of the Atlantic Ocean.
The Wall Street, Wall Street Magazine and other publications reported that China and South American nation Brazil have signed a deal for exploration and production in the South American country of Antigua-Barbuda.
Brazil, which is developing a major hydrocarbon project in the Atlantic Basin of the South Atlantic, has been the first major oil producer in Latin America and is also the largest producer of liquefied natural gas in the world.
The two countries are working together to explore and develop oilfields and natural gas deposits in the region, including a deepwater gas field in the Maracana River.
Brazil has been a major investor in the United States, having invested more than $1 billion in projects including a pipeline and terminal that will bring crude oil from the Bakken oilfield northward to the Gulf Coast.
The U.S. has long been interested in the development of offshore oil and gas, and the prospect of China and the Brazilian economies expanding their respective oil and natural resources has been of interest to the U.A.E.
The Atlantic Ocean is rich in hydrocarbon resources.
The region has vast deposits of oil and other natural gas and is rich with oil and copper deposits.