HONG KONG, February 16, 2025 — CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) reports that the Buzios7 Project has begun production safely.
The Buzios oilfield, situated in the Santos Basin, off the coast of Brazil at a depth of 1,900 to 2,200 meters, is the world’s largest deep-water pre-salt oilfield. Buzios7 marks the sixth project commissioned in this field and will utilize an FPSO and subsea production system. Production is planned from 15 wells: 7 oil producers, 6 water and gas injectors, 1 convertible well, and 1 gas injector. With Buzios7 online, the Buzios oilfield anticipates daily crude oil production of up to 1 million barrels by the second half of 2025.
The Buzios7 project’s FPSO ranks among the world’s largest, exceeding industry average processing capacity. Converted in China in July 2024 and arriving at the oilfield in October of the same year, this FPSO can process up to 225,000 barrels of crude oil and 12 million cubic meters of natural gas daily, while storing 1.4 million barrels of crude oil. Furthermore, it features a closed flare system to minimize greenhouse gas emissions and heat recovery devices to enhance energy efficiency.
CNOOC Petroleum Brasil Ltda, a wholly-owned subsidiary of the Company, holds a 7.34% stake in the Buzios Shared Reservoir. The operator, Petrobras, holds 88.99%, and CNODC Brasil Petróleo e Gás Ltda holds 3.67%.
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Notes to Editors:
More information about the Company is available at .
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This press release contains forward-looking information, including statements about potential future developments in the Company and its subsidiaries’ operations, such as anticipated future events, business prospects, or financial results. Terms like “expect,” “anticipate,” “continue,” “estimate,” “objective,” “ongoing,” “may,” “will,” “project,” “should,” “believe,” “plans,” “intends,” and similar expressions denote such forward-looking statements. These statements are based on the Company’s assumptions and analyses as of this date, considering its experience and perception of historical trends, current conditions, anticipated future developments, and other factors it deems appropriate. However, whether actual results will align with the Company’s current expectations and predictions is uncertain. Actual results, performance, and financial condition could differ significantly from the Company’s expectations due to factors such as macro-political and economic factors, crude oil and natural gas price fluctuations, industry competitiveness, climate change and environmental policies, the Company’s price forecasting, mergers, acquisitions, and divestments, HSSE and insurance policies, and changes in anti-corruption, anti-fraud, anti-money laundering, and corporate governance laws and regulations.
Therefore, all forward-looking statements in this release are subject to these cautionary statements. The Company cannot guarantee that anticipated results or developments will materialize or, even if substantially realized, will have the expected impact on the Company, its business, or operations.
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For further enquiries, please contact:
Ms. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail:
Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail:
SOURCE CNOOC Limited
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