CNOOC Petroleum Brasil Ltda. expressed interest in exercising an option to purchase an additional 5% interest in production rights for Búzios field offshore Brazil, operator Petroleo Brasileiro SA (Petrobras) said in a release Sept. 29.
The price for the additional Santos basin presalt asset is about $2.08 billion.
The option for the companies to add interest in the deepwater field was part of the 2019 bidding contract, Petrobras said.
Búzios, in water depth around 6,560 ft, began production in April 2018 and has already produced around 100 MMboe.
Average daily production of the field has reached 600,000 boed with four FPSOs installed (P-74, P-75, P76 and P-77). A fifth, Almirante Barroso, is under construction and scheduled to start-up production in second-half 2022. The sixth, Almirante Tamandaré, is also under construction (OGJ Online, July 27, 2021). In May, Petrobras signed a contract with Keppel Shipyard Ltd. to build P-78, the seventh FPSO for the field (OGJ Online, May 10, 2021). The eighth and ninth units (FPSOs P-79 and P-80) are in the contracting process.
Closing of the deal is subject to approvals by the Administrative Council for Economic Defense (CADE), the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and the Ministry of Mines and Energy (MME).