Petrobras revealed that China National Offshore Oil Corporation (CNOOC) has expressed interest in exercising the option to purchase an additional 5% stake in Brazil’s offshore Búzios oil field for US$2.08 billion. At present, CNOOC holds 5% of shares in the production sharing contract for the transfer of residual rights in ultra-deep water oil fields.

The option to purchase additional equity is stipulated in the contract signed by the two parties in 2019 to bid for the remaining amount of the offshore oil field "right transfer" agreement.

Petrobras said it is awaiting a position with China National Petroleum Exploration and Development Corporation (CNODC), which holds a 5% stake in the field through its subsidiary CNODC Brasil Petroleo e Gás. Petrobras owns the remaining 90% of the shares. The Búzios oil field is located in the subsalt area of the Santos Basin and has been producing since 2018.

In June 2021, the three partners in the Brazilian field reached an understanding, and CNOOC and CNOOC agreed to pay a total of US$2.94 billion to Petrobras. This amount is used to cover previous costs and compensation for future production. According to Petrobras, the amount paid by CNOOC for the additional equity includes US$1.45 billion in compensation. US$600 million will be used to repay signature bonuses, referring to the additional participation of Chinese companies.

Petrobras said that the transaction with CNOOC requires the approval of the Brazilian Economic Defense Management Committee (CADE), the National Petroleum, Natural Gas and Biofuel Agency (ANP) and the Ministry of Minerals and Energy (MME). The Búzios oil field was discovered in 2010 and is produced by four floating production, storage and offloading vessels (FPSO). Keywords: new energy, international engineering news

In May 2021, Petrobras signed a US$2.3 billion contract with Keppel Shipyard to build the P-78 FPSO, which will be added as the seventh production unit in the deepwater oil field. P-78 FPSO will join Almirante Barroso and Almirante Tamandaré FPSO, which plan to join as the fifth and sixth units of offshore oilfields in the future.Editor/Baohongying