Petrobras, CNOOC ink deal for Natural Gas Processing System in Santos Basin

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Petrobras said that it has signed an Integrated Natural Gas Processing System (SIP) contract with CNOOC Petroleum Brasil Ltda. (CNOOC) and, together with Petrogal Brasil, Repsol Sinopec Brasil and Shell Brasil – partners in the Santos Basin pre-salt offshore pipelines – concluded the process of CNOOC’s adhesion to the existing contracts of the Santos Basin Integrated Natural Gas Flow System (SIE-BS). 

By signing these contracts, Petrobras said CNOOC will be able to offload the natural gas coming from the Búzios field, located in the Santos Basin pre-salt, through any of the SIE-BS export routes and process it in plants owned by Petrobras making it possible for CNOOC to directly supply the natural gas market.

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The agreement kicks off January 1, 2023.

Petrobras said that this is another step it had taken in building an open, competitive and sustainable natural gas market and is part of the set of commitments made to the Administrative Council for Economic Defense (CADE) in July 2019.

The SIE-BS is composed of Routes 1, 2, and 3 for the outflow of the Santos Basin pre-salt Cluster, and the SIP includes the processing plants connected to the SIE-BS, owned by Petrobras, located in Caraguatatuba, São Paulo, Cabiúnas, and Itaboraí, which is under construction, both in Rio de Janeiro.

Back in November, Petrobras copped a US$1.9 billion (R$10.3 billion) payment after selling a 5% stake of the Buzios Field, in the pre-salt of the Santos Basin to CNOOC. Petrobras will now hold an 85% stake in the Buzios Field while CNOOC’s Brazil affiliate – CBPL will hold 10% and CNODC Brasil Petroleo e Gas (CNODC) will hold 5%.

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