Vinson & Elkins is advising China National Petroleum Corp. on its $2.6 billion purchase of three oil and gas fields in Peru from Petroleo Brasileiro SA.

The two state-run companies—also respectively known as also known as PetroChina and Petrobras—are conducting the deal through subsidiaries. The acquisition is subject to regulatory approval, and no timeline was given for when it was expected to close.

When completed, PetroChina will hold 100 percent of two of the blocks and about 46 percent of the third. The current output of all three blocks is approximately 800,000 tons oil equivalent per year.

Moscow partner Rob Patterson and Beijing partner Jay Kolb are leading the V&E team acting for PetroChina. Miranda & Amado Abogados and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados are acting as Peruvian and Brazilian counsel, respectively, for the Chinese company.

Petrobras used in-house counsel in its negotiations with PetroChina.