CNOOC completes the acquisition of another 5 percent interest in Buzios Oilfield TOR surplus project

Rio de Janeiro (People’s Daily) - China National Offshore Oil Corp (CNOOC), the country's largest offshore driller, announced Wednesday that it has completed the acquisition of another 5 percent participation interest in the production sharing contract of the transfer of rights (TOR) surplus volume related to the Búzios oilfield.

The Búzios oilfield is located in Santos Basin, southeast of Brazil, with an average depth of approximately 2,200 meters under the ocean’s surface. It is the world's largest deep-water pre-salt producing oil field. At present, 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 percent 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 $1.9 billion.

Xia Qinglong, president of the company, said that acquiring additional interest in the Búzios oilfield further expanded 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. And we 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,” Xia said.

As of this Thursday, CPBL's interest in the project will be increased from 5 percent to 10 percent, the operator Petrobras holds an 85 percent interest, and CNODC Brasil Petróleo e Gás Ltda holds a 5 percent interest.