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    1. Regional Reports
    2. Latin America

    CNODC declines Búzios field option

    Oct. 5, 2021
    CNODC has not taken up an option to acquire an additional 5% in the Búzios field production-sharing contract in Brazil’s presalt Santos basin.
    (Photo: André Ribeiro / courtesy Petrobras)
    The FPSO P-76 operates at the Búzios field offshore Brazil.
    The FPSO P-76 operates at the Búzios field offshore Brazil.

    Offshore staff

    RIO DE JANEIRO – CNODC Brasil Petróleo e Gás (CNODC) has not taken up an option to acquire an additional 5% in the Búzios field production-sharing contract in Brazil’s presalt Santos basin.

    Earlier, CNOOC Petroleum Brasil did exercise its option for a further 5%. So, pending regulatory approvals, operator Petrobras will now hold 85% of the exploration and production rights of the surplus volume of the Transfer of Rights for the Búzios field, while CNOOC will hold 10% and CNODC 5%.

    As for the Búzios shared reservoir, including the portions of the Transfer of Rights Agreement and the BS-500 Concession Agreement (100% Petrobras), Petrobras has 88.99%, CNOOC 7.34%, and CNODC 3.67%.

    10/05/2021