Petrobras Receives $2.9 Billion Payment From Participation Agreement in Búzios Field, in the Pre-Salt of the Santos Basin

Written by Roberta Souza

Published on 25/08/2021 at 14:34

Updated on 25/08/2021 at 15:23

Plataforma P-75 da Petrobras no campo de Búzios/ Fonte: Valor Econômico

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Currently, Petrobras holds 90% of participation in the Búzios field. The other 10% are divided between CNODC and CNOOC

Petrobras received yesterday, August 24, the upfront payment of US$ 2.9 billion related to the obligations of partners CNODC Brasil Petróleo e Gás Ltda (CNODC) and CNOOC Petroleum Brasil (CNOOC) in the co-participation agreement in the Búzios field, located in the pre-salt of the Santos Basin. Currently, Petrobras holds 90% of the exploration and production rights for the excess volume of the Cessão Onerosa in partnership with CNODC (5%) and CNOOC (5%). See also this news: Petrobras signs contract with SBM Offshore for chartering and provision of services for FPSO Mero 4, which will be installed in the pre-salt of the Santos Basin

The Agreement Between Petrobras and the Chinese Companies

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 days to opt for the purchase of an additional 5% stake each in the production sharing contract for the excess of the onerous assignment.

“With this payment, Petrobras will issue the compliance certificate for the National Agency of Petroleum, Natural Gas and Biofuels (ANP), aiming to meet the last precedent condition required by the Agreement, which will be in effect from 01/09/2021,” reads the statement issued by Petrobras.

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Starting September 1, CNODC and CNOOC will have 30 days to decide whether they want to acquire an additional stake of 5% each. Petrobras’s agreement with the Chinese companies is part of a development plan for the field. The goal is to install 12 exploration units by the end of the decade. Upon completion of the development phase, Petrobras expects the Búzios field to produce more than 2 million barrels of oil equivalent per day.

The Búzios field, located in the pre-salt of the Santos Basin, is considered by the state-owned company to be the largest deep-water oil field in the world. With an area of 850 square kilometers, the field can produce, on average, more than 50,000 barrels of oil per day.

Also see this news: FPSO Carioca, chartered by Petrobras, begins oil and gas production in the Sépia field, in the pre-salt of the Santos Basin

Petrobras began on Monday (23/08) the production of oil and natural gas from FPSO Carioca, the first definitive production system installed in the Sépia field, in the pre-salt of the Santos Basin. With this unit, Petrobras now has 22 platforms in production in the pre-salt, which together account for 70% of the company’s total production.

The platform, of the FPSO type (floating production, storage and offloading unit), is located approximately 200 km from the coast of the state of Rio de Janeiro, at a water depth of 2,200 meters. With the capacity to process up to 180 thousand barrels of oil and compress up to 6 million m³ of natural gas daily, FPSO Carioca, a unit chartered from Modec, will contribute to the expected growth of Petrobras’s production.

The project envisions the interconnection of seven producing wells and four injection wells to the FPSO. The oil production will be transported by shuttle tankers, while gas production will be transported through the pre-salt gas pipeline routes. Aligned with Petrobras’s commitment to reduce carbon intensity by 32% in the Exploration and Production area by 2025, with ongoing investment in research and development, the project also includes a CO2 removal system from the produced gas and reinjection into the reservoir, reducing carbon dioxide emissions into the atmosphere and improving oil recovery.

Petrobras Receives $2.9 Billion Payment From Participation Agreement in Búzios Field, in the Pre-Salt of the Santos Basin

Currently, Petrobras holds 90% of participation in the Búzios field. The other 10% are divided between CNODC and CNOOC

The Agreement Between Petrobras and the Chinese Companies

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Petrobras Receives $2.9 Billion Payment From Participation Agreement in Búzios Field, in the Pre-Salt of the Santos Basin

Currently, Petrobras holds 90% of participation in the Búzios field. The other 10% are divided between CNODC and CNOOC

The Agreement Between Petrobras and the Chinese Companies

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