CNOOC Petroleum Brasil Ltda. (CPBL) signed a contract for 5% of Petroleo Brasileiro SA’s (Petrobras) interest in the Production Sharing Contract of the Transfer of Rights Surplus for Búzios field, in Santos basin presalt area, offshore Brazil.
The agreement is the result of the option to purchase an additional share, exercised by CPBL on Sept. 29, 2021 (OGJ Online, Sept. 30, 2021).
The amount, related to CPBL's portion, to be received in cash by Petrobras at the closing of the operation will be $2.12 billion. This amount refers to compensation and reimbursement of the signature bonus of CPBL's additional participation and is subject to usual adjustments.
Búzios, in water depth around 6,560 ft, began production in April 2018 and has already produced around 100 MMboe.
The transaction is subject to approvals of 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).
After closing, Petrobras will hold 85% stake in the Production Sharing Contract of the Transfer of Rights Surplus of Búzios field, with CPBL holding 10%, and CNODC Brasil Petróleo e Gás Ltda. holding 5%. Stakes in the Búzios Shared Deposit, including portions of the Transfer of Rights agreement and of the BS-500 concession agreement (100% Petrobras) will be Petrobras (88.99%), CPBL (7.34%), and CNODC (3.67%).