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CNOOC buys 5% stake in production-sharing agreement at Buzios oil field

Brazil’s state-owned oil company Petrobras announced last week that it had received $1.9bn from CNOOC Petroleum Brasil Ltd. (CPBL) for a 5% stake in a production-sharing agreement for the Buzios field in the pre-salt of the Santos Basin.

The $1.9bn includes adjustments provided for in the contract.

The transaction is subject to approval by Brazil’s Ministry of Mines and Energy.

Upon completion of the deal, Petrobras will hold an 85% stake in the Buzios field, CPBL 10% and CNODC Brasil Petróleo e Gás Ltda (CNODC) 5%

Kim Biggar

Kim Biggar started writing in the supply chain sector in 2000, when she joined the Canadian Association of Supply Chain & Logistics Management. In 2004/2005, she was project manager for the Government of Canada-funded Canadian Logistics Skills Committee, which led to her 13-year role as communications manager of the Canadian Supply Chain Sector Council. A longtime freelance writer, Kim has contributed to publications including The Forwarder, 3PL Americas, The Shipper Advocate and Supply Chain Canada.

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