CNOOC buys 5% stake in Petrobras’s Buzios oil field

Brazil’s state-owned oil company Petrobras announced that it had received $1.9bn from CNOOC Petroleum Brasil Ltd. (CPBL) for a 5% stake in a production-sharing agreement for the Buzios field in the pre-salt of the Santos Basin. The $1.9bn includes adjustments provided for in the contract. The transaction is subject to approval by Brazil’s Ministry of Mines and Energy.

Upon completion of the deal, Petrobras will hold an 85% stake in the Buzios field, CPBL 10% and CNODC Brasil Petróleo e Gás Ltda (CNODC) 5%.