China National Offshore Oil Corporation’s wholly-owned subsidiary, CNOOC Petroleum Brasil, has doubled its stake in Brazil’s Buzios oilfield to 10 percent, the company said in a statement.
CNOOC paid $1.9 billion for the additional five percent stake as part of a production-sharing agreement with Petrobras, the Brazilian oil and gas giant that operates the field and owns an 85 percent stake.
CNODC Brasil Petróleo e Gás Ltda holds the remaining five percent interest, the statement said.
Buzios is the world’s largest deepwater pre-salt-producing oilfield, with an average water depth of about 2,200 meters. It started operations in 2018 and currently has a daily production capacity of 600,000 barrels.
(Writing by P Deol; Editing by Anoop Menon)