China’s oil and gas giant CNOOC has paid Brazil’s Petrobras $1.9 billion to buy 5% in the production sharing contract for the huge Buzios offshore oilfield, the Brazilian state oil firm said in a statement. After the agreement, subject to approval from Brazil’s ministry of energy and mines, comes into effect, Petrobras will hold 85% in the production sharing contract for Buzios, CNOOC’s unit CNOOC Petroleum Brasil Ltda.
(CPBL) will have 10%, and CNODC Brasil Petróleo e Gás Ltda (CNODC), will have 5%, the Brazilian…Chinese Oil Giant Spends $1.9 Billion On 5% Stake Of Huge Brazilian Oilfield
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