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CNOOC Completes Acquisition of Another 5% Participation Interest in Búzios Oilfield TOR Surplus Project

Time:2022-12-01 Size:[ Large Medium Small ]

On December 1, CNOOC Limited announced that it has completed the acquisition of another 5% participation interest in the Production Sharing Contract of the Transfer of Rights (TOR) Surplus Volume related to Búzios oilfield.

Búzios oilfield is located in Santos Basin, southeast offshore of Brazil, with an average water depth of approximately 2,200 meters. It is the world's largest deep-water pre-salt producing oil field. The project is developed by the traditional deep-water pre-salt development mode, FPSO+Subsea. At present, the daily production has reached 600,000 barrels.

CNOOC Petroleum Brazil Ltda(CPBL), a wholly-owned subsidiary of the company, signed an Assignment Agreement with Petrobras to acquire another 5% interest in Búzios TOR Surplus Volume in the first half of 2022. The transaction has been completed. The total consideration is R$10.3 billion, equivalent to US$1.9 billion.

Xia Qinglong, President of the company, said, “Acquiring additional interests in Búzios oilfield further expands the company’s presence in Brazil's deep-water pre-salt region, where bountiful oil and gas resources reside. The transaction promotes the international development of the company and fortifies the resource base for the company's high-quality development. 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 Brazil's oil and gas industry, economy and society.”

As of December 1, 2022, CPBL's interest in the project will be increased from 5% to 10%, the operator Petrobras holds 85% interest, and CNODC Brasil Petróleo e Gás Ltda holds 5% interest.

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