Page 10 - LatAmOil Week 10 2022

LatAmOil BRAZIL LatAmOil

CNOOC subsidiary to acquire another 5%

of Búzios section of Transfer of Rights area

BRAZIL’S national oil company (NOC) Petro- deal, CPBL will see its equity stake in the Búzios
bras revealed earlier this week that it had section of the TOR offshore area rise from 5% to
arranged to assign a 5% stake in the produc- 10%, while Petrobras’ holdings will shrink from
tion-sharing contract (PSC) covering the Búzios 90% to 85%. The remaining 5% will stay in the
section of the Transfer of Rights (TOR) offshore hands of CNPC Exploration & Development
area to a subsidiary of China National Offshore Co. (CNODC), which is 50% owned by China
Oil Corp. (CNOOC). National Petroleum Corp. (CNPC) and 50%
In a statement, Petrobras explained that it owned by CNPC’s main upstream subsidiary
had signed a contract with CNOOC Petro- PetroChina.
leum Brasil Ltd (CPBL) on the sale of the stake By extension, the statement noted, this agree-
after the latter company exercised its option to ment also redistributes equity in the Búzios
acquire an additional stake in Búzios on Sep- Shared Deposit, which includes the portions of
tember 29, 2021. The document provides for the the TOR agreement and the BS-500 concession
state-controlled Chinese firm to pay a price of agreement, which is 100% owned by Petrobras.
$2.12bn in cash, calculated at an exchange rate More specifically, it splits the Búzios Shared
of BRL5.07 per dollar as of a base date of Sep- Deposit 88.99% to Petrobras, 7.34% to CPBL
tember 1, 2021, it said. and 3.67% to CNODC. ™
“This amount refers to the compensation and
reimbursement of the signature bonus of CPBL’s
additional participation,” the statement added.
“The aforementioned value will still be subject
to the usual adjustments in this type of contract
between the base date and the closing date.”
Petrobras did not say exactly when it
expected to finalise the sales contract with the
CNOOC subsidiary. It did note, though, that the
transaction would be subject to the approval of
the relevant regulatory authorities, including the
National Agency of Petroleum, Natural Gas and
Biofuels (ANP), Brazil’s state oil and gas regula-
tor; the Administrative Council for Economic
Defence (CADE), the state anti-trust agency;
and the Ministry of Mines and Energy (MME).
Assuming that these agencies green-light the Búzios is in the pre-salt section of the Santos basin (Image: Petrobras)

Tradener signs first direct gas

supply agreement with Bolivia

TRADENER revealed on March 7 that it was now procure up to 2.2mn cubic metres per day
set to become the first privately owned Brazil- of gas on their own, and Tradener is the first to
ian firm to buy natural gas directly from Bolivia, take advantage of the opportunity.
without the national oil company (NOC) Petro- In a statement, Tradener reported that it had
bras acting as an agent or intermediary. signed a contract with YPFB, Bolivia’s NOC, for
Until recently, state-owned Petrobras was the purchase of 2.2 mcm per day over a period
the only organisation in Brazil that had the of two years. It did not reveal the financial terms
right to buy gas directly from Bolivia and then of the deal but said it would be able to import the
sell it directly to customers. Under the reforms fuel via the Gasbol pipeline and deliver it to any
adopted last year, though, private traders may customer served by the Gasbol system.

P10 www. NEWSBASE .com Week 10 10•March•2022