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China's CNOOC pays Petrobras $1.9 billion for production sharing deal at Brazil's Buzios field

China's CNOOC pays Petrobras $1.9 billion for production sharing deal at Brazil's Buzios field

FILE PHOTO: The logo of China National Offshore Oil Corporation (CNOOC) is seen at its booth during the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo/File Photo

Brazil's state oil firm Petrobras said on Thursday it received 10.3 billion reais ($1.9 billion) from Chinese oil and gas major CNOOC, a payment for a 5 per cent stake in a production sharing agreement at the Buzios oil field.

With this transaction, Petrobras said it will hold an 85 per cent stake while CNOOC's Brazilian unit CBPL will hold 10 per cent and the CNODC Brasil Petroleo e Gas (CNODC) will hold 5 per cent.

Petrobras will hold a 88.99 per cent stake in the Buzios shared deposit, while CBPL will hold 7.34 per cent and CNODC 3.67 per cent, it said it a securities filing.

Source: Reuters
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