CNOOC Limited announces that it has completed the acquisition of another 5% participation interest in the Production Sharing Contract of the Transfer of Rights (TOR) Surplus Volume related to Búzios oilfield.

Búzios oilfield is located in Santos Basin, southeast offshore of Brazil, with an average water depth of approximately 2,200 meters. It is the world's largest deep-water pre-salt producing oil field. The project is developed by the traditional deep-water pre-salt development mode, FPSO+Subsea. At present, the daily production has reached 600,000 barrels.

CNOOC Petroleum Brazil Ltda（CPBL）, a wholly-owned subsidiary of the Company, signed an Assignment Agreement with Petrobras to acquire another 5% interest in Búzios TOR Surplus Volume in the first half of 2022. The transaction has been completed. The total consideration is R$10.3 billion, equivalent to US$1.9 billion.

Mr. Xia Qinglong, President of the Company, said “Acquiring additional interests in Búzios oilfield further expands the Company’s presence in Brazil's deep-water pre-salt region, where bountiful oil and gas resources reside. The transaction promotes the international development of the Company and fortifies the resource base for the Company's high-quality development. The Company will adhere to the concept of win-win cooperation and work closely with the host government and project partners to promote the sustainable development of Brazil's oil and gas industry, economy and society.”

As of December 1, 2022, CPBL's interest in the project will be increased from 5% to 10%, the operator Petrobras holds 85% interest, and CNODC Brasil Petróleo e Gás Ltda holds 5% interest.

About CNOOC

CNOOC Limited (SEHK: 00883, SSE: 600938) is a listed company on the Shanghai Stock Exchange and the Hong Kong Stock Exchange with stock codes of 600938 and 00883, respectively.
The Company is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Company mainly engages in exploration, development, production and sale of crude oil and natural gas.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.