Petrobras sells stake in Buzios Field to CNOOC for US$1.9 billion

Must Read

OilNOW is an online-based Information and Resource Centre

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 China’s CNOOC Petroleum.

The amount already includes the adjustments provided for in the contract, after compliance with all the preceding conditions.

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%.

Fifth floater for Brazil’s Buzios field on its way | OilNOW

Petrobras will hold a 88.99% stake in the Buzios shared deposit, while CBPL will hold 7.34% and CNODC 3.67%, it said in a securities filing.

The completion of the transaction is subject to the signing of the Term Additive to the Production Sharing Agreement by the Ministry of Mines and Energy (MME).

The Búzios Field is one of the largest deepwater oil acreages located within the Cessão Onerosa region of the pre-salt Santos Basin, offshore Brazil. The offshore field covers an area of 416 km² and is situated approximately 200 kilometers off the coast of Rio de Janeiro at water depths ranging between 1,600 meters and 2,100 meters.

Keppel bags US$2.9 billion contract for ninth FPSO in Brazil’s Búzios field | OilNOW

The field produced 616,000 barrels of oil per day (bopd) in June 2022, which was the highest average monthly production volume since April 2018. Petrobras aims to produce more than two million barrels of oil equivalent per day (boepd) from the field by 2030.


Partnered Events

Latest News

WoodMac values 10-FPSO development offshore Guyana at US$150 billion

Luiz Hayum, a principal analyst with Wood Mackenzie's Latin America upstream research team, sees Guyana’s oil bounty raking in...

More Articles Like This