CNOOC Announces Buzios7 Project Production Launch
Deal News | Feb 16, 2025 | EIN
CNOOC Limited has announced the commencement of production at the Buzios7 Project, located in the Santos Basin offshore Brazil. This project is the sixth development stage of the Buzios oilfield, the largest deep-water pre-salt oilfield in the world. The development includes a significant FPSO and a subsea production system designed to facilitate 15 wells, a combination of oil producers and injectors, meaning the field could produce up to 1 million barrels of crude oil daily by late 2025. With a high-capacity FPSO converted in China, featuring emission-reducing technologies, CNOOC endeavors to enhance operational efficiencies while minimizing environmental impact. CNOOC Petroleum Brasil Ltda, a subsidiary, holds a 7.34% interest in the shared reservoir of this oilfield. Forward-looking statements are cautiously made, as actual results may vary due to market and industry challenges.
Sectors
- Energy Industry
- Oil and Gas Industry
Geography
- Brazil – The Buzios7 project is located in the Santos Basin, offshore Brazil, making the country a central geography in the article.
Industry
- Energy Industry – The article focuses on oil production, specifically the commencement of production at an oilfield managed by CNOOC Limited.
- Oil and Gas Industry – The Buzios7 project is related to crude oil production in offshore Brazil, a key player in the global oil and gas sector.
Financials
- 7.34% – CNOOC Petroleum Brasil Ltda's interest in the Buzios Shared Reservoir.
- 1 million barrels – Expected daily production capacity of the Buzios oilfield by late 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CNOOC Limited | Announcing Company | Company | A major Chinese oil and gas company initiating the Buzios7 project production. |
| Petrobras | Operator | Company | The operator of the Buzios oilfield shared reservoir, holding a majority interest. |
| CNODC Brasil Petroleo e Gas Ltda | Stakeholder | Company | Holds a minority interest in the Buzios Shared Reservoir adjacent to CNOOC and Petrobras. |
| Cui Liu | Media Contact | Person | Responsible for media relations for CNOOC Limited. |
| Bunny Lee | PR Contact | Person | Responsible for finance communications at Porda Havas International. |