Chinese CNOOC Focuses on Pre-Salt to Increase Its Production in Brazil

Written by Renato Oliveira

Published on 08/05/2019 at 16:16

Updated on 08/05/2019 at 18:23

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Chinese Oil Company Is Already a Partner of Petrobras, but Wants to Participate in the Pre-Salt Auctions This Year and Additionally Wants to Sell Part of a Block in Espírito Santo

The oil company CNOOC (China National Offshore Oil Corporation), controlled by the Chinese state, is quite “hungry” Regarding Its Business in the Brazilian Pre-Salt.
According to statements by the company’s president in Brazil, Sheng Jianbo, the firm plans to increase its production in the country and is carefully studying acquiring assets in the auctions scheduled for this year.

In addition to the pre-salt oil auction scheduled for November 7, the government plans to hold another round of field sales in the important producing region of the excess of the onerous assignment, scheduled for October 28.

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Long-Term Partner

CNOOC already operates in Brazil, where it is a partner of Petrobras in the Libra area, in the Mero field, where it holds a 10% stake, alongside Shell, which owns 20%, Total with 20%, also Chinese CNPC with 10%, and Petrobras, the operator, with 40%.

According to the assessment by the Chinese oil company, the field in the Pre-Salt of the Santos Basin is producing 58,000 barrels of oil equivalent per day, currently in the Extended Well Test (EWT) phase, and the project is progressing satisfactorily.

Looking for Another Partner

CNOOC is seeking a partner for the ES-M-592 block, in deep waters of the Espírito Santo Basin, but it was not possible to specify how much of the participation the company intends to sell, as it owns 100% of the asset.

The company’s goal, according to its president, is to find a partner to jointly develop the area acquired for R$ 23.6 million in signing bonuses in the 14th Round of Auctions of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in 2017.

Check out another deal between Brazil and China! The Port of Açu is approaching China and has closed a cooperation agreement with the Port of Guangzhou! Click here to see the details of this partnership!

Chinese CNOOC Focuses on Pre-Salt to Increase Its Production in Brazil

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Chinese CNOOC Focuses on Pre-Salt to Increase Its Production in Brazil

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