CNOOC acquires a larger percentage of Búzios oilfield

The logo of China National Offshore Oil Corp (CNOOC) is pictured at its headquarters in Beijing. [Photo/Agencies]

China National Offshore Oil Corp, the country's largest offshore driller, announced on Thursday that it has completed the acquisition of another 5 percent of participation interest in the Production Sharing Contract of the Búzios oilfield in Brazil for $1.9 billion. 

Located in the Santos Basin, southeast offshore of Brazil, the oilfield is the world's largest deep-water pre-salt producing oil field with an average water depth of approximately 2,200 meters. It was put into operation in 2018 and developed by the traditional deep-water pre-salt development mode, FPSO+Subsea. The current daily production has reached 600,000 barrels, said CNOOC.

CNOOC currently owns five deep-water oil and gas block assets in Brazil. In 2013, CNOOC, Petrobras, Shell, TotalEnergies and China National Petroleum Corp formed a consortium to win the Libra block, entering the Brazilian subsalt ultra-deepwater oil and gas field for the first time.