China's state-controlled CNOOC has started output at the Buzios7 oil field offshore Brazil's Santos basin, the firm announced today.
CNOOC has a 7.34pc interest in the project while Brazil's state-controlled Petrobras, which operates the field, holds 88.99pc, with the remaining 3.67pc owned by China's state-controlled CNPC Exploration and Development (CNODC).
The Buzios oil field is expected to commission a total of 11 projects by 2027 with total output expected to reach 1.5mn b/d by then, although its production capacity totals up to 2mn b/d, CNOOC said earlier this year. The latest production at Buzios7 will bring the output of the Buzios oil field up to 1mn b/d in the second half of 2025, CNOOC said.
Buzios7 is located at a water depth of 1,900-2,200m and is also the sixth project commissioned from the oil field.
The Buzios7 project includes a floating, production, storage and offloading (FPSO) and subsea production system.
The FPSO can produce up to 225,000 bl of crude, process 12mn m³/d of natural gas and store 1.4mn bl of crude.
It is also equipped with closed flare to reduce greenhouse gas emissions, and heat recovery devices to reduce energy consumption, CNOOC said.
CNOOC expects a slightly smaller share of output from overseas projects, or around 31-33pc from 2025-27, from previous expectations of 33-34pc, although it did not provide a breakdown on actual output forecasts.
