Chinese-Brazilian consortium wins bid for Brazilian oil block

8 November 2019

The consortium made up of Brazilian group Petrobras and CNODC Brasil Petróleo e Gás Ltda has acquired the Aram block, in the Santos Basin, in the sixth auction in the production sharing regime held on Thursday by the National Agency for Oil, Natural Gas and Biofuels (ANP).

The statement released by the Petrobras group said the consortium presented a winning bid with a signing bonus of 4.04 billion reais (US$988 million), to be paid in 2019 and an offer of surplus oil for the country of a minimum of 29.96%.

CNODC Brasil Petróleo e Gás Ltda, a Brazilian subsidiary of the China National Oil and Gas Exploration and Development Corporation, has a 20% stake in the consortium, with the remaining 80% held by Petrobras.

On Wednesday, at the surplus assignment auction, the Petrobras group, with 90%, joined CNODC Brasil Petróleo e Gás Ltda. and CNOOC Petroleum Brasil Ltda., of the China National Offshore Oil Corporation group, each with a 5% stake, to auction off the exploration rights of the Buzios field.

In addition, Petrobras fully acquired the exploration and production rights related to the excess volume of the Itapu field. (Macauhub)

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