Petrobras, CNPC mull partnership to revive Comperj refinery project

Petroleo Brasileiro SA (Petrobras) and China National Petroleum Corp. (CNPC) subsidiary China National Petroleum Corp. International (CNPCI) have signed a heads of agreement to advance negotiations for formation of a strategic partnership to complete the previously stalled 150,000-b/d Comperj refining complex in Itaboraí, in the state of Rio de Janeiro (OGJ Online, July 25, 2016; June 4, 2007).

The scope of the partnership, to be designed as an integrated project, also would include CNPCI’s participation in Marlim oil field in the Campos basin off Brazil, Petrobras said.

Implementation of the proposed strategic partnership depends on successful negotiations of the final agreements, the Brazilian operator said.

The planned partnership comes as part of the companies’ intention to strengthen their ties and contribute to deepen the global strategic partnership between Brazil and China.

Petrobras said the partnership agreement also forms part of a broader program to revitalize its eastern Brazilian refining and logistics park.

In its 2017 annual report released earlier this year, Petrobras told investors completion of the first Comperj refining train depended on establishment of a strategic partnership.

Since 2013, Petrobras and CNPC have been partners in the Libra area of the Santos basin presalt layer, which was the first contract under a production-sharing agreement regime between the companies.

In Brazilian presalt tender rounds during 2017, a consortium formed by Petrobras 40%, CNPC subsidiary China National Oil & Gas Exploration & Development Corp. 20%, and BP PLC 40% also secured the Peroba block, which contains more than 5 billion boe of prospective resource in place and for which Petrobras acts as operator (OGJ Online, Nov. 3, 2017; Oct. 30, 2017).

Contact Robert Brelsford at [email protected].