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Petrobras Transfers 20% of Comperj and Some Oil Fields to the Chinese

Written by Paulo Nogueira
Published on 17/10/2018 at 07:41
Updated on 17/10/2018 at 09:00
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In Addition to the Refinery, the Chinese Also Manage to Acquire 20% of Exploration in Some Oil Fields in the Campos Basin

Petrobras closes a new agreement with the Chinese CNODC (a subsidiary of CNPC) and now, in addition to completing the Comperj works, it will hold 20% of the operations of the venture and Petrobras will hold 80% through a joint venture. The previous agreement was only for the completion of the UPGN (Gas Processing Unit) and according to Petrobras’ advisory, around 1300 direct jobs will be created by 2019.

But this partnership goes beyond refining activities. Petrobras will generate one more joint venture with the Chinese in the offshore exploration and production modality, specifically in the Campos Basin, where 4 fields were secured for operations by CNODC: Marlim, Voador, Marlim Sul, and Marlim Leste, in all of these 20% will also be the stake.

Ivan Monteiro, from Petrobras “With the signing of the Integrated Agreement, we have significantly advanced the strategic partnership with the Chinese CNPC to complete the Comperj refinery and implement a consistent project for the revitalization of the Marlim field.”

“The heavy oil produced in the Marlim cluster has characteristics suitable for the Comperj refinery, designed to process this type of oil, with high conversion. This is an important step in the development of the strategic partnership between the companies. Its effective implementation will depend on the completion of feasibility studies and, consequently, the investment decision by the parties at Comperj, as well as the success of negotiations for the final agreements”, emphasizes the state-owned company in a press release

It happens that CNPC has expertise and could perform well in the revitalization of these fields, leaving Petrobras focused on the pre-salt. It is worth noting that Petrobras also closed a deal with Murphy oil company for exploration and production in assets in the Gulf of Mexico last week, check the article here for more details, gradually returning to expand its service portfolio beyond and outside Brazil.

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Paulo Nogueira

Graduated in Electrical Engineering from one of the country's technical education institutions, the Instituto Federal Fluminense - IFF (formerly CEFET), he worked for several years in the offshore oil and gas, energy, and construction sectors. Today, with over 8,000 publications in online magazines and blogs on the energy sector, the focus is to provide real-time information on the Brazilian job market, macro and microeconomics, and entrepreneurship. For questions, suggestions, and corrections, please contact us at informe@clickpetroleoegas.com.br. Please note that we do not accept resumes at this contact.

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