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 are scheduled to come online in the field by 2026 and beyond.

Among them are the Almirante Barroso, Almirante Tamandaré, P-78, P-79, P-80, and P-82, with capacities varying between 150,000 b/d and 225,000 b/d oil and 6 Mm3/d and 12 Mm3/d natural gas.

Petrobras’ current business plan projects that Búzios’ production will reach over 1.7 Mbpd/d in 2026, or a third of the company’s total output. Capex for the project between now and then is US$23 billion.

China is also present in Búzios through CNODC Brasil Petróleo e Gás, which holds a 5% stake in the project’s surplus volumes contract.

In the case of Búzios’ shared deposits, which include the transfer of rights contract and the BS-500 concession, the Chinese firms’ interests are 3.67% (CNODC) and 7.34% (CNOOC).

Both companies have 5% stakes in another local E&P highlight: the Mero field in the giant Libra block, also operated by Petrobras.

Today, Mero produces approximately 260,000 boe/d through the Guanabara FPSO, which began operations in April.

According to data from regulator ANP, CNOOC and CNODC currently produce around 130,000 boe/d each in Brazil.

In the next four years, another three floating platforms are programmed to start producing in the pre-salt field: Sepetiba, Marechal Duque de Caxias, and Alexandre de Gusmão, each capable of producing 180,000b/d of oil and 12Mm3/d of natural gas.

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