Petrobras will hold 85% of the exploration and production rights of the surplus volume of the Transfer of Rights of the Búzios field, while CNOOC will hold 10% and CNODC, 5%
Petrobras, following up on the release of 09/29/2021, informs that the partner CNODC Brasil Petróleo e Gás Ltda. (CNODC) has not expressed interest in exercising the option to purchase an additional share of 5% in the Production Sharing Contract of the Transfer of Surplus Rights, for the Búzios field, in the Santos Basin pre-salt area.
Thus, after the completion of the purchase of an additional 5% stake by CNOOC Petroleum Brasil Ltda. (CNOOC), Petrobras will hold 85% of the exploration and production rights of the surplus volume of the Transfer of Rights of the Búzios field, while CNOOC will hold 10% and CNODC, 5%. As for the Búzios Shared Reservoir, including the portions of the Transfer of Rights Agreement and the BS-500 Concession Agreement (100% Petrobras), Petrobras will hold 88.99%, CNOOC 7.34%, and CNODC 3.67%.
The effectiveness of the transaction with CNOOC is subject to the approval of the Administrative Council for Economic Defense (CADE), the National Agency of Petroleum, Natural Gas and Biofuels (ANP), and the Ministry of Mines and Energy (MME).
Petrobras’ production curve will only be impacted after the closing of the transaction, with no expected impact on the 2021 production target.
Source: Company Press Release