Petrobras Announces Sale of Stake in Búzios Field to Chinese CNOOC for $2.08 Billion

Written by Roberta Souza

Published on 29/09/2021 at 15:59

P-74 no campo de Búzios no pré-sal da Bacia de Santos/ Fonte: Agência Brasil

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Petrobras informed this morning, Wednesday (09/29), that its partner CNOOC Petroleum Brasil expressed interest in exercising the option to purchase an additional 5% share in the production-sharing contract of the excess from the Cessão Onerosa, for the Búzios field, located in the pre-salt of the Santos Basin. The impact on Petrobras’s production curve from the sale of the stake in Búzios, the second-largest oil producer in Brazil, will only begin after the transaction is closed. Also Read This News: Petrobras Signs Letter Of Intent With SBM Offshore For Leasing FPSO For The Búzios Field In The Santos Basin

The Agreement Between Petrobras And CNOOC For The Share In The Búzios Field

The impact on Petrobras’s production curve from the sale of the stake in Búzios, the second-largest oil producer in Brazil, will only begin after the transaction is closed, with no expected interference in the 2021 extraction target, the company said.

The purchase option for an additional share in the mega Búzios field in the pre-salt of the Santos Basin was already provided for in the contract signed after the auction of the excess volume in the onerous assignment contract in 2019, Petrobras stated.

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The estimated value to be received by Petrobras in cash at the close of the operation for CNOOC’s share, based on the exchange rate of R$ 5.42/US$, will be US$ 2.08 billion, comprising: (1) US$ 1.45 billion for compensation, subject to contract adjustments, which considers the same effective date as the co-participation agreement for Búzios of 09/01/2021, and; (ii) US$ 0.63 billion for reimbursement of the signing bonus, related to CNOOC’s additional participation. The amounts will be updated until the date of the transaction’s closing.

Recently, The State Company Received Payment Of US$ 2.9 Billion From The Participation Agreement In The Búzios Field

On August 24, Petrobras received an upfront payment of US$ 2.9 billion regarding the obligations of the partners CNODC Brasil Petróleo e Gás Ltda (CNODC) and CNOOC Petroleum Brasil (CNOOC) in the co-participation agreement for the Búzios field, located in the pre-salt of the Santos Basin. Currently, Petrobras holds 90% of the rights to explore and produce the excess volume from the onerous assignment in partnership with CNODC (5%) and CNOOC (5%).

Petrobras states that with the payment, it will issue the compliance certificate for the National Agency of Petroleum, Natural Gas, and Biofuels (ANP). The agreement will be effective from September 1, and CNODC and CNOOC will have up to 30 calendar days to opt for the purchase of an additional 5% share each in the production-sharing contract of the excess from the onerous assignment.

Also Check: Petrobras Closes Contract With Saipem And DSME For The Construction Of FPSO P-79, Which Will Be Installed In The Búzios Field In The Pre-salt Of The Santos Basin

Petrobras announced the signing of the contract with the companies Saipem and DSME for the construction of the FPSO P-79 platform, which will be located in the Búzios field in the pre-salt of the Santos Basin. The FPSO is scheduled to be delivered in 2025 and will have a processing capacity of 180,000 barrels of oil per day and 7.2 million m³ of gas per day. The contract between the companies is worth US$ 2.3 billion for the provision of the P-79, the eighth unit to be installed in the Búzios field.

In a statement, Petrobras said that the provision of the FPSO will result from the contracting in the EPC (Engineering, Procurement, and Construction) modality and the company’s strategy to develop new projects for its own platforms, incorporating the lessons learned from already installed FPSOs in the pre-salt, including aspects of contracting and construction.

Petrobras Announces Sale of Stake in Búzios Field to Chinese CNOOC for $2.08 Billion

The Agreement Between Petrobras And CNOOC For The Share In The Búzios Field

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Petrobras Announces Sale of Stake in Búzios Field to Chinese CNOOC for $2.08 Billion

The Estimated Value To Be Received By Petrobras In Cash For The Purchase Share Of The Búzios Field By CNOOC Will Be US$ 2.08 Billion

The Agreement Between Petrobras And CNOOC For The Share In The Búzios Field

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