CNOOC entered four concession contracts for exploration blocks offshore Brazil. Credit: testing/Shutterstock.

CNOOC Petroleum Brasil, a wholly owned subsidiary of China National Offshore Oil Corporation (CNOOC), has solidified its presence in Brazil by signing four concession contracts for offshore exploration blocks.

The agreements were finalised with the Brazilian National Agency for Petroleum and involved partners in the Pelotas Basin.

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The contracts encompass a total area of approximately 2,600km² across four blocks, S-M-1813 in the Santos Basin and P-M-1737/39/97 in the Pelotas Basin.

These blocks, which were acquired during the 4th Permanent Concession Offer Cycle, are situated at water depths ranging from 600m to 3,000m.

CNOOC Petroleum Brasil has secured a 100% interest and operatorship in block S-M-1813.

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In the remaining three blocks, P-M-1737/39/97, the company owns a 20% non-operating interest.

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The other stakeholders in these blocks include Petrobras with a 50% operating interest and Shell with a 30% non-operating interest.

CNOOC is among the world’s leading independent oil and gas exploration and production companies.

Its operations primarily focus on the exploration, development, production and sale of crude oil and natural gas.

In a recent development in August 2024, CNOOC paid $10.3bn reais ($1.9bn) to Petrobras, the Brazilian state-owned oil and gas entity.

This payment was part of a production sharing agreement for the Buzios field, a deep-water oil field in the Cessao Onerosa region of the pre-salt Santos basin.

Following this transaction, Petrobras’ stake in the Buzios field increased to 85%, while CNOOC Petroleum Brasil now holds a 10% interest.

Earlier this month, CNOOC announced the start of production at the Bozhong 19-2 oilfield development project, located in the central Bohai Bay with an average water depth of approximately 20m.