Page 11 - LatAmOil Week 40 2021

LatAmOil BRAZIL LatAmOil

On October 4, Petrobras reported that CNODC [bpd] capacity already producing and another
would not block the acquisition. The CNPC similar FPSO on the way, and with the project
affiliate “has not expressed interest in exercising perhaps ultimately hosting another half-dozen
the option to purchase an additional share of 5% more such FPSOs, Búzios certainly qualifies for
in the production-sharing contract [PSC] of the the major global tag,” he commented.
Transfer of Rights surplus for the Búzios field in Búzios is the largest deepwater oilfield in the
the Santos basin pre-salt area,” the NOC said in world and the second-largest crude-producing
a statement. site in Brazil. It was discovered about a decade
Both CNOOC and CNODC acquired stakes ago and started yielding oil in April 2018. ™
in Búzios in 2019. They each took a 5% interest,
along with the option to increase their holdings
later.
Once CNOOC finalises its acquisition of
another 5%, it will see its stake in Búzios rise
from 5% to 10%. The remaining equity in the
field will be split 85% to Petrobras and 5% to
CNODC.
Readul Islam, research analyst at consultancy
Rystad Energy, was quoted as saying by Reuters
last week that CNOOC’s holdings in Búzios
were comparable to its minority stakes in large
foreign projects, including fields in Russia and
the United Arab Emirates (UAE). “With four
floating production, storage and offloading
facilities (FPSO) each of 150,000 barrels per day Búzios is Brazil’s second-largest producing oilfield (Image: Petrobras)

ARGENTINA
Tenaris exec highlights Argentina’s

opportunities in gas development

JAVIER Martinez Alvarez, Tenaris’ president for climate change, he argued that gas had better
the Southern Cone region, said earlier this week long-term prospects than crude oil.
that Argentina had a wide range of opportuni- “Gas is the energy of the transition, and it will
ties for developing its natural and unconven- go hand in hand with the growth in renewable
tional gas reserves. energies in a world that is going to use more and
Speaking at the Forbes Energy, Oil & Gas more electricity. Gas is a phenomenal opportu-
Summit, held in Buenos Aires on October 5, nity,” he said, according to S&P Global Platts.
Martinez said that Argentina had more time “The window of opportunity is not too big
to develop its gas resources and bring them to for oil, but it is much more generous for gas,” he
market. Pointing to widespread concerns about added.

Shell believes Vaca Muerta fields need additional infrastructure (Image: Shell US)

Week 40 07•October•2021 www. NEWSBASE .com P11