English 
Spanish 
2 min read
After the transaction becomes effective, Petrobras will hold an 85% stake in the Búzios field Excess Transfer Rights Production Sharing Agreement, while CNOOC will hold 10% and CNODC Brasil will hold 5%.
Petrobras, one of the largest oil companies in the world, signed a contract with its Chinese partner CNOOC on the 11th for the attribution of 5% of its stake in the Búzios field, in the pre-salt area of the Santos Basin. The agreement is the result of the option to purchase an additional share, exercised by CNOOC in September 2021.
Read also
- China is responsible for buying more than 64% of iron ore from Brazil and the country earns US$ 37,092 billion in 2021 alone
- Converted in China and commissioned at the Drydocks shipyard, in Dubai, the FPSO Guanabara finally arrives in Brazil, the first of four Petrobras platforms deployed in the third largest pre-salt field in the Santos Basin
- China, the world's biggest oil importer, 'drifts' US sanctions and buys more than 324 million barrels from Venezuela and Iran at a low price
- China passes the US and will be the only country to have its own space station; to take the lead in space exploration, Chinese government to build with Russia a base at the south pole of the Moon
“The value, related to the [CNOOC] portion, to be received in cash by Petrobras at the end of the operation will be US$ 2,12 billion and was calculated with a base date of 01/09/2021 and with an exchange rate of BRL 5,07/US$. This amount refers to the compensation and reimbursement of the signing bonus for the additional participation of CPBL. The aforementioned amount will still be subject to the usual adjustments in this type of contract between the base date and the closing date”, said Petrobras.
Completion of the transaction is subject to approval by the Administrative Council for Economic Defense (CADE), the National Petroleum, Natural Gas and Biofuels Agency (ANP) and the Ministry of Mines and Energy (MME).
- Petrobras as an investor? Brazilian state-owned company to mine Bitcoin
- End of oil? No way! Petrobras extends the lifespan of its first large pre-salt platform
- The Oil Market: What’s Behind the Price Fluctuation Above $80?
- In 1858, this man 'discovered oil', but he was not recognized and died in complete poverty.
After the transaction goes into effect, Petrobras will hold an 85% stake in the Búzios field Excess Rights Transfer Production Sharing Agreement, while CNOOC will hold 10% and CNODC Brasil Petróleo e Gás Ltda. 5%.
Interests in the Búzios Shared Deposit, including the parts of the Rights Transfer Agreement and the BS-500 Concession Agreement (100% Petrobras), will be 88,99% by Petrobras, 7,34% by CNOOC and 3,67 % of CNODC.
