CNOOC - participated world's largest deepwater oilfield put into operation

The Búzios V Project, the world's largest deepwater oilfield built and held by China National Offshore Oil Corp(CNOOC), was successfully put into operation on May 31, marking an important achievement of deepening practical cooperation between China and Brazil, according to the company's official release.

The Búzios V project is located in the Santos Basin in the southeast sea of Brazil, with an operating water depth of 1900 to 2200 meters, adopting floating production storage and offloading (FPSO) plus underwater production system.

Currently there are 5 oil production wells and 5 injection wells in the project, with a daily crude oil production capacity of 150,000 barrels and a daily output of about 6 million square meters of natural gas.

In September 2021, CNOOC acquired a 5 percent interest in Búzios project under the production sharing contract framework, and increased a partial equity holding in December 2022, and currently CNOOC has a 7.34 percent interest holding in the oilfield integrated development project.

It is worth mentioning that in the month of the delivery of the increased shareholding, CNOOC and Petrobras successfully signed a natural gas processing and export contract, becoming the first foreign oil company in Brazil to achieve independent sales of natural gas, and one of the major local natural gas suppliers.