Brazil

High quality opportunities in ultra-deepwater

CNOOC International holds a 10% working interest in the Mero block – a deepwater pre-salt project located in Brazil’s Santos Basin – alongside operator Petrobras (40%), and partners Shell (20%), Total (20%) and CNPC (10%). In 2017, the block achieved first production through the Pioneiro de Libra FPSO, with the purpose of evaluating the dynamic behavior of the oil reservoir and deepening the knowledge on the characteristics of the deposit.

Between 2017 to 2018, CNOOC International added three more blocks: two of these blocks are located in the Santos Basin – Alto de Cabo Frio Oeste (20% interest) and Pau Brasil (30% interest) – and the third block is located in the Espirito Santo Basin (Block 592). In the deepwater Block 592, CNOOC International has begun exploration as the operator of the Block holding 100% interest.

The Mero field is approximately 180 kilometres from Rio de Janeiro, Brazil, and is one of the largest offshore oil fields in the world. The commercial viability of the Mero oil field was declared in November 2017, with first oil expected in 2021. The field holds approximately 3.3 billion barrels of oil equivalent in high quality, high yield carbonate reservoirs.

CNOOC International will fully leverage the development opportunities of the Libra project to seek new drivers for production growth.