China’s CNOOC Pays Petrobras $1.9 Billion For Production Sharing Agreement At Brazil’s Buzios Field

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Brazil’s state-owned oil company Petrobras said Thursday it received 10.3 billion reais ($1.9 billion) from Chinese oil and gas giant CNOOC, a payment for a 5 percent stake in a production-sharing deal in the Buzios oil field.

With the transaction, Petrobras said it will own 85 percent, while CNOOC’s Brazilian subsidiary CBPL will own 10 percent and CNODC Brasil Petroleo e Gas (CNODC) 5 percent.

Petrobras will have an 88.99 percent stake in Buzios’ shared deposit, while CBPL will have 7.34 percent and CNODC will have 3.67 percent.

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