China's CNOOC could buy 5% stake of Petrobras' Buzios field for US$2.08b
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[SAO PAULO] Brazilian state-run oil company Petrobras said on Wednesday that China's CNOOC is interested in acquiring an additional 5 per cent stake in production rights for the Buzios oilfield for US$2.08 billion.
Petroleo Brasileiro, as the company is formally known, said in a securities filing it does not expect to see any impact from the transaction on its production outlook for 2021.
Petrobras holds 90 per cent of the rights to explore and produce oil at the Buzios field, which were acquired in a transfer of rights auction in 2019. Chinese oil companies CNOOC and CNODC also bought a 5 per cent stake each.
The option for the Chinese companies to acquire an additional stake in Buzios was fixed in the 2019 contract, Petrobras said.
A CNOOC spokesperson did not immediately comment on the matter.
CNOOC said earlier this week it planned to raise up to US$5.41 billion in a new share issue on the Shanghai stock exchange to fund several oil and gas projects.
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The Buzios deal requires approval from Brazil's antitrust watchdog Cade, oil regulator ANP and Mines and Energy Ministry.
Located in the Santos Basin pre-salt, Buzios is one of the largest oil-producing fields in Brazil, second only to Tupi.
According to ANP data, it pumped an average of 569,648 barrels per day in July.
REUTERS
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