CNOOC begins production from world’s largest deepwater pre-salt oil field offshore Brazil

(WO) – CNOOC Limited announced that the Buzios5 project has commenced production safely.

The Buzios oil field is located in the Santos basin, southeast offshore of Brazil, with a water depth of 1,900 to 2,200 meters. It is the largest deep-water pre-salt oil field in the world, with a daily production of about 600,000 bbl at present.

Buzios5 is the fifth phase of oil field development. It will be developed with an FPSO and subsea production system. The project has already drilled 5 producing wells and 5 injectors. These wells will produce up to 150,000 bbl of crude oil, 6 MMcm of natural gas and inject 220,000 bbl of water per day.

The FPSO used in Buzios5 project was converted in China in July 2022 and arrived at the oil field in February 2023. It is able to store 1.4 million bbl of crude oil.

Mr. Xia Qinglong, president of the Company, said, "Buzios5 is the first project to commence production after CNOOC Limited joined the Buzios project, which will inject new momentum into our overseas production growth. We adhere to win-win cooperation with the host government and partners, to jointly develop the world-class ultra-deepwater project, and to contribute to the sustainable development of Brazil's oil and gas industry, economy and society."

CNOOC Petroleum Brasil Ltda , a wholly-owned subsidiary of the Company, holds a 7.34% interest in the Buzios Shared Reservoir, while the operator Petrobras holds 88.99%, and CNODC Brasil Petróleo e Gás Ltda holds 3.67%.