2023-06-05 13:03:00
Chinese company Cnooc Limited announced the start of production at the Buzios 5 well off the coast of Brazil. This is the fifth phase of the Buzios oil field off the southeast coast of the country. With a water depth of 1,900 meters to 2,200 meters, the deepwater pre-salt oil field is the largest in the world. It has a daily production of 600,000 barrels.
Cnooc’s Brazilian subsidiary owns 7.34% of the shared Buzios field, which is 88.99% owned by Brazil’s state oil and gas company Petrobras. Cnooc paid $1.9bn to Petrobras last year to secure a 5% stake in a production sharing agreement in the field.
Buzios5 is the fifth phase of the development of the oil field. It will be with a floating production, storage and offloading unit (FPSO) and an underwater production system. The project has already drilled 5 producing wells and 5 injectors. These wells will produce up to 150,000 barrels (bbl) of crude oil, 6 million cubic meters of natural gas and will inject 220,000 bbl of water per day.
The FPSO used in the Buzios 5 project was modified in China in July 2022 and arrived at the oil field in February 2023. It can store up to 1.4 million barrels of crude oil.
Cnooc President Xia Qinglong highlighted that “Buzios 5 is the first project to start production following Cnooc Limited joins the Buzios project, which will inject new impetus into our production growth abroad«.
“We adhere to win-win cooperation with the host government and partners, to jointly develop world-class ultra-deep water project and contribute to the sustainable development of the Brazilian oil and gas industry, economy and society”
For his part, the executive president of Petrobras, Jean Paul Prates, stressed that “Buzios summarizes how representative the pre-salt is for Petrobras productionas well as being important for the country’s energy security”.
State-owned Cnooc is China’s largest offshore oil and gas producer. Has invested in a number of more challenging technical fields abroad while looking to increase production. The company had reported that production from its international operations in the first quarter increased by 16.6% compared to last year.
Cnooc targets a record 650 million to 660 million barrels of oil equivalent (boe) for this year. It will seek an average annual production growth of 6% by 2025, when production is forecast to reach 2 million boe per day.
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