Production has begun at the fifth phase of the Buzios oilfield off Brazil’s southeast coast, according to a statement from China’s state-owned offshore oil and gas producer CNOOC. The statement was cited by Reuters.
CNOOC paid nearly US$2 billion to Brazil’s state-owned oil and gas company Petrobras in 2022 for a 5 percent stake in a production sharing agreement at the Buzios field, which generates 600,000 barrels daily.
With an average depth of up to 2,200 metres, Buzios is the largest deepwater pre-salt oil field in the world, Reuters says.
Such technically challenging fields have reportedly drawn CNOOC’s interest in recent years as it seeks to boost production volumes. It is aiming for a 6 percent increase in average annual production, with output forecast to hit 2 million barrels of oil equivalent (boe) a day by 2025
Data from CNOOC shows that its international output in the first three months of this year registered 16.6 year-on-year growth.
In November last year, China National Petroleum Corporation (CNPC) discovered major oil reserves in a pioneer well in the Aram block in Brazil. The discovery is located at a depth of 1,905 metres.