Brazil’s Petrobras and China’s CNPC sign agreement to complete works of Comperj

18 October 2018

Brazilian oil company Petrobras has signed a contract with the China National Oil and Gas Exploration and Development Company (CNODC), a subsidiary of the China National Petroleum Corporation (CNPC), to complete the works of the Rio de Janeiro State Petrochemical Complex (Comperj ) and investments in the Marlim cluster, in the Campos Basin, according to Braziliab news agency Agência Brasil.

The partnership, announced in July, provides for the development of technical feasibility studies of the current state of the Comperj petrochemical complex and its economic evaluation.

The partnership will allow for the refining of heavy oil produced in the Marlim, Voador, Marlim Leste and Marlim Sul oil fields.

According to Petrobras, after assessing the costs and benefits of the deal, the aim is to form a joint venture, which will be responsible for the completion of the refinery’s project and its operation, with an 80% stake for Petrobras and 20% for CNPC.

A joint venture in the exploration and production of the refinery is also planned, with CNPC taking a 20% stake in the Marlim cluster, which includes the Marlim, Voador, Marlim Sul and Marlim Leste concessions in the Campos Basin. Petrobras has an 80% stake, and is the project’s operator.

Petrobras also said that the heavy oil produced in the Marlim cluster has appropriate characteristics for the Comperj refinery, designed to process this type of high conversion oil.

The two companies have already been partners in the Libra area since 2013, in the pre-salt area of the Santos Basin, in what was the first production sharing contract.

Four years later, the consortium formed by the companies, with Petrobras as operator, with a 40% stake, CNPC with 20% and BP with 40%, acquired the Peroba block, one of the most disputed blocks in an auction promoted by the National Agency for Oil, Natural Gas and Biofuels (ANP). (macauhub)