BRAZIL'S Petrobras has signed a long-awaited co-operation agreement worth nearly $3 billion that was deemed crucial for the development of its highly productive Buzios field in the Santos basin pre-salt province.In November 2019, Petrobras and Chinese groups China National Offshore Oil Corporation (CNOOC) and China National Oil & Gas Exploration & Development Corporation (CNODC) acquired the rights to produce surplus volumes from Buzios.Petrobras, with 90%, and CNOOC and CNODC on 5% each, were awarded a production sharing contract for the area for a fixed signature bonus of $17.1 billion.After more than a year of negotiations, the parties finally reached an understanding that will see CNOOC and CNODC pay a combined $2.94 billion to Petrobras covering sunk costs and compensation for future production from Buzios.
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