Brazilian state-owned oil and gas producer Petrobras has received R$10.3bn ($1.9bn) from Chinese oil and gas major CNOOC for a production sharing deal at the Buzios field offshore Brazil.

The payment has been made for a 5% stake in a production sharing agreement at the Buzios deepwater oil field, located within the Cessão Onerosa region of the pre-salt Santos basin.

In March 2022, CNOOC signed an agreement for exercising its option to buy an additional stake in the production sharing contract for the ‘transfer of rights surplus’ in the offshore field.

With this deal, Petrobras owns an 85% stake in the field while CNOOC’s Brazilian unit CNOOC Petroleum Brasil (CPBL) holds a 10% interest.

CNODC Brasil Petróleo e Gás (CNODC), which is also a subsidiary of CNOOC, will own the remaining 5% interest.

Petrobras will also own an 88.99% stake in the Buzios shared deposit, which includes portions of the transfer of rights agreement and the BS-500 concession agreement. CBPL and CNODC will hold 7.34% and 3.67% stakes, respectively.

The Búzios field, which was discovered in 2010, has been in production since 2018. The field produces via four floating production, storage, and offloading (FPSO) vessels.

By 2030, the total number of FPSO vessels at the Búzios field would reach 12. Currently, four FPSO units, namely Almirante Barroso, Almirante Tamandaré, P-78, and P-79, are under construction.