Petrobras to seek 40 pct in Carabobo tender

Brazil's state-run oil company Petrobras will participate in a tender to explore and develop Venezuela's Carabobo oil field, seeking to take a 40 percent stake in the venture, a company director said on Monday. Venezuelan law will require its state oil company PDVSA to hold a majority stake in the project. Petrobras had said previously that it would only seek a 10 percent stake in the Carabobo I field through an agreement with PDVSA even though the initial deal, linked to the construction of a joint refinery in Brazil, envisaged a 40 percent stake for Petrobras in Carabobo. PDVSA has a 40 percent stake in the Abreu Lima refinery project and Petrobras holds 60 percent.