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Chinese CNOOC Petroleum buys additional 5% stake in Brazil’s Buzios oilfield for US$1.9bn

Chinese state-run firm CNOOC Petroleum Brasil paid Petrobras R$10.3 billion (US$1.9 billion) for an additional 5% interest in Búzios, increasing its participation in the field’s surplus volumes contract to 10%.

Located in the Santos basin pre-salt and operated by the federal oil company, Búzios is the second largest field in the country, with an output of 725,617 oil barrels per day (Mbpd) registered in October – only behind Tupi, where production in the period was 1.107 Mbpd.

Unlike Tupi, Búzios has an ascending production curve, as several new FPSOs . . .

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