Petrobras on expression of interest in the Búzios field 

Petróleo Brasileiro S.A. –  Petrobras, following up the release disclosed on 08/24/2021, informs that the partner CNOOC Petroleum Brasil Ltda. (CNOOC) expressed interest in exercising the option to purchase an additional share of 5% in the Production Sharing Contract of the Transfer of Rights Surplus, for the Búzios field, in the Santos Basin pre-salt area.

This purchase option was already provided for in the contract signed with the partners in the bidding of the surplus volume to the Transfer of Rights Agreement of the Búzios field, held on 11/06/2019. The company is still waiting for the position of CNODC Brasil Petróleo e Gás Ltda. (CNODC). 

The estimated amount to be received by Petrobras in cash at the closing of the transaction for CNOOC’s portion, based on the R$ 5.42/US$ exchange rate, will be US$ 2.08 billion, of which: (1) US$ 1.45 billion for the compensation, subject to the adjustments provided for in the contract, which considers the same effective date of the Búzios Coparticipation Agreement of 09/01/2021 and; (ii) US$ 0.63 billion for the reimbursement of the signature bonus, referring to CNOOC’s additional participation. The amounts will be updated until the closing date of the transaction.  

The effectiveness of this transaction is subject to the approvals by the Administrative Council for Economic Defense (CADE), the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and the Ministry of Mines and Energy (MME). 

Petrobras’ production curve will only be impacted after the closing of the transaction, with no expected impact on the 2021 production target.  

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by

Up ↑

%d bloggers like this: