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CNOOC buys 5% share in Búzios field production from Petrobras for $1.9B

CNOOC Petroleum Brasil Ltda. has paid Petrobras R$ 10.3 billion (US$1.9 billion) for a 5% share in production from the Búzios field in the pre-salt of Santos Basin. (Earlier post.) Búzios field is a large ultra-deepwater oil field located in the Santos Basin, about 230 km (140 mi) off the coast of Rio de Janeiro in water depths between 1,600 m and 2,100 m.

The deal was first announced in September 2021; CNOOC had a contractual option to increase its stake in Búzios.

Petrobras will have an 88.99% operating stake in Búzios, CNOOC will hold 7.34% and CNODC will have 3.67%.


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