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CNOOC invests almost $2 billion in world's largest deepwater oilfield

Author : PCEC

06 December 2022

On December 1, CNOOC announced the acquisition of a 5% interest in the Petrobras-operated Búzios project in Brazil, the world's largest deepwater oilfield, for US$1.913 billion (£1.57bn). As a result, it became the largest partner of Petrobras in the oilfield.

PETROBRAS 74, a large-scale FPSO in the Búzios oil field - Image: CNOOC
PETROBRAS 74, a large-scale FPSO in the Búzios oil field - Image: CNOOC

The Búzios project was put into production in April 2018. It is the largest integrated oilfield in Brazil and the largest deep-sea oil field in the world. The average operating water depth exceeds 2,000 metres. The current daily crude oil production is about 600,000 barrels. In November 2019, in the block bidding held by the Brazilian National Petroleum Administration (ANP), a consortium composed of CNOOC, CNPC and Petrobras successfully won the bid.

Xia Qinglong, President of CNOOC said: "Completing the increase in the interests of the Búzios oilfield project in Brazil and continuing to expand the layout in Brazil's pre-salt deepwater area with huge oil and gas resource potential has strongly promoted the company's international development and further contributed to the company's high-quality development. The company will adhere to the concept of win-win cooperation and work closely with the governments of host countries and project partners to promote the sustainable development of Brazil's oil and gas industry and economic society."

CNOOC currently holds a stake in five deepwater block assets in Brazil, including Búzios and Libra. In the future, it will use Brazil's deepwater oilfield cooperation as a platform to continuously strengthen the training of deepwater personnel, as well as improve the operation and management capabilities of major projects.

Wang Dongjin, Chairman of CNOOC, emphasised: "The successful completion of this acquisition has enhanced the company's participation in technology and management of large-scale deep-water oil and gas projects around the world. It's an important step in development transformation and upgrading. CNOOC will take the initiative to integrate into the new development pattern, solidly promote the implementation of the internationalisation strategy, continue to deepen cooperation with the host country in oil & gas resource development, technological innovation, and low-carbon development. We will continue to expand the new international space for cooperation.”

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