Spain-based oil producer Repsol YPF SA is pursuing discussions to sell a stake in its Argentine unit to China National Petroleum Corp. or CNPC, rather than Chinese oil producer Cnooc Ltd., Bloomberg reported quoting two people familiar with the matter.
There are no formal offers for the unit, although the sale will help the company raise funds for new exploration projects in regions like Brazil's offshore Santos Basin. China is seeking to secure oil supplies, the report added.
Repsol is reportedly not in discussions with Cnooc currently. However, the Bloomberg report added that Repsol and CNPC have not agreed on the terms of any deal and future discussions with Cnooc could not be ruled out.
Cnooc, the Hong Kong-listed unit of state-controlled China National Offshore Oil Corp., was preparing a bid for a minority stake in YPF. It wanted to team up with Repsol on oil and gas exploration and development.
India's Oil & Natural Gas Corp. is reportedly negotiating with three Russian companies to bid jointly for a stake in YPF.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.