#China #Hong Kong #CNOOC Limited #Buzios7 Project #Deep-Water Oilfield

CNOOC Limited's Buzios7 Project Commences Production

CNOOC Limited has announced a significant milestone with the successful initiation of production at the Buzios7 Project, a leading endeavor in the realm of deep-water oil extraction. Situated in the Santos Basin off the southeast coast of Brazil, the Buzios oilfield is recognized as the largest pre-salt oilfield globally, operating at depths ranging between 1,900 to 2,200 meters.

The Buzios7 Project, which marks the sixth phase of development for the Buzios oilfield, employs cutting-edge technology characterized by the use of Floating Production Storage and Offloading (FPSO) units combined with sophisticated subsea production systems. This innovative setup is designed to maximize oil extraction efficiency while maintaining safety and environmental standards.

In total, the Buzios7 will see the deployment of 15 development wells including seven dedicated to oil production, six serving as water and gas injectors, one convertible well, and one specifically for gas injection. The strategic planning anticipates that once fully operational, the Buzios oilfield will be capable of producing an impressive 1 million barrels of crude oil per day by the latter half of 2025.

One of the most remarkable features of the Buzios7 Project is the FPSO unit that has been integrated into this development. Regarded as one of the largest of its kind worldwide, the FPSO boasts a production capacity exceeding the industry average. It was converted in China in July 2024 and arrived at the oilfield by October of the same year. This unit is engineered to process up to 225,000 barrels of crude oil daily, manage 12 million cubic meters of natural gas, and has a crude oil storage capacity of 1.4 million barrels. Notably, the FPSO is equipped with a closed flare system designed to mitigate greenhouse gas emissions, alongside advanced heat recovery mechanisms aimed at reducing overall energy consumption.

CNOOC operates through its wholly-owned subsidiary, CNOOC Petroleum Brasil Ltda, which holds a 7.34% interest in the Buzios Shared Reservoir. The project is operated by Petrobras, which holds a commanding 88.99% stake, while CNODC Brasil Petróleo e Gás Ltda retains 3.67%.

The commencement of the Buzios7 Project not only exemplifies CNOOC’s commitment to expanding its operational footprint in Brazil but also reinforces its position within the global oil and gas sector. This venture is expected to be a key driver in meeting the growing global energy demands while balancing ecological considerations.

As CNOOC Ltd steadily marks its territory in deep-water oil fields, industry analysts are keenly observing how this project scales up operations in the coming years, particularly amidst fluctuating crude prices and intensifying regulatory challenges surrounding environmental concerns.

With Buzios7 beginning production, CNOOC's strategic vision for enhancing its output and efficiency in the deep-water landscape is increasingly materializing, setting the tone for future initiatives within the oil and gas industry.