Petrobras has signed a strategic cooperation contract with China’s CNOOC

Brazilian state-owned oil company, Petrobras, has signed a strategic cooperation contract with China’s state-run CNOOC.

The collaboration will focus not only on refining and chemical engineering but also on oil services and low-carbon energy projects, as reported by the media.

CNOOC, which primarily specializes in overseas projects, already has a presence in Brazil with a minority stake in the Búzios field, one of the new promising developments in Brazil’s offshore pre-salt area.

Operated by Petrobras, the Búzios field was discovered in 2010, and production started eight years later.

CNOOC recently reported an 11% decline in net profit for the first half of the year due to the consequences of falling crude oil prices, like other companies in the sector.

However, the Chinese company recorded domestic and international production growth during the first half of 2023, with daily net production reaching an all-time high.

The company anticipates achieving a daily extraction record for the entire year, between 650 and 660 million barrels of oil.

On the other hand, Petrobras’ profits decreased by almost 33% in the first half of 2023.

Nevertheless, according to local sources, in early August, the company was the third most profitable globally, with a net result of US$13.17 billion, only behind Aramco and Exxon.

During the same period, media outlets reported that the Brazilian state energy company sought opportunities to expand abroad in the initial stages segment.

The company’s CFO, Sergio Caetano Leite, told Bloomberg that this strategy would be implemented through acquisitions.