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Búzios: CNOOC increases its stake

Búzios, an oil field in the Santos Basin in Brazil, has seen a CNOOC subsidiary increase its stake by 5%.
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Búzios, an oil field in the Santos Basin in Brazil, has seen a CNOOC subsidiary increase its stake by 5%.

An equity investment

Búzios sees the recent signing of a transfer agreement with Petrobras to acquire another 5% stake in the first half of 2022. CNOOC Petroleum Brazil Ltda (CPBL), signed the transfer agreement with Petrobras. The transaction has just been completed.

The total consideration is $1.9 billion. The oil field has an average depth of about 2200 meters. In addition, it is one of the largest deepwater oil deposits in the world.

Increase in CNOOC’s stake

In addition, the project is being developed in the traditional deepwater pre-salt(FPSO+Subsea) development mode. Mr. Xia Qinglong, president of the company, says:

“The acquisition of additional interests in the Búzios oil field strengthens the company’s presence in Brazil’s deepwater pre-salt region, where there are abundant oil and gas resources. This transaction promotes the company’s international development and strengthens the resource base for quality development of the company. The company will adhere to the concept of win-win cooperation and work closely with the host government and project partners to promote the sustainable development of the Brazilian oil and gas industry, economy and society.”

In addition, Búzios has a daily production of 600,000 barrels.

As of December 2022, CPBL’s participation in the project will increase from 5% to 10%. The operator Petrobras has an 85% stake in the Búzios oil field. CNODC Brasil Petróleo e Gás Ltda already holds a 5% stake.

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