China invests 1.9 billion dollars to buy a share of Brazilian oil
Chinese oil and gas giant CNOOC paid $1.9 billion to Brazil's Petrobras to buy a 5 percent production-share contract at the massive Buzios offshore oil field, Brazil's state-owned oil firm said in a statement. communicated.
Following the entry into force of the agreement, subject to the approval of the Brazilian Ministry of Energy and Mines, Petrobras will hold 85% of the production sharing contract of Buzios, CNOOC's unit CNOOC Petroleum Brasil Ltda (CPBL ) will have 10% and CNODC Brasil Petróleo e Gás Ltda (CNODC) 5%, the Brazilian firm said.
The Buzios field, in Brazil's prolific Santos Basin, is Petrobras' most valuable asset and largest oil field and is expected to account for about a third of the state-owned company's production in 2026, Petrobras said in its third-quarter results. published at the beginning of the month. Seven more phases of development are planned in various areas of Buzios until 2027.
Buzios produces more than 600,000 barrels of oil per day and is expected to produce much more in the future as Petrobras is signing and plans to sign more contracts for the floating production, storage and offloading (FPSO) units it is developing the deep water field.
Brazilian oil and gas production hit a new record in October, averaging 4.18 million barrels of oil equivalent per day (boepd), of which 3.24 million barrels per day (bpd) was oil and 148.7 million cubic meters a day of natural gas, the ANP, the sector regulator, said last week. Oil and gas production was 3.2% higher than the previous record set in September and 16% higher than in October 2021.
Brazilian production from the pre-salt layer increased by 4.75% in October 2022 compared to September 2022, reaching 3.14 million boepd, or 75.18% of all oil and gas production in Brazil.
President-elect Luiz Inacio Lula da Silva's new left-wing government will not have an interventionist policy towards Petrobras, a member of the president-elect's transition said this week. However, this also means leaving China free to buy shares in the country's main fields. Beijing was waiting for nothing else.
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The article China invests 1.9 billion dollars to buy a share of Brazilian oil comes from Scenari Economics .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-cina-investe-19-miliardi-di-dollari-per-comprare-una-quota-del-petrolio-brasiliano/ on Sat, 26 Nov 2022 08:00:44 +0000.