Chinese company secures major Brazilian oil contract

China National Offshore Oil Corporation announced on Tuesday that it had successfully secured a long-term contract for the trade of 12 million barrels of crude oil from the Mero oilfield, the third largest pre-salt ultra-deepwater oil field in the world.

This marks the first time a Chinese company has won a bid for the Brazilian government's share of oil, managed by PPSA (Pré-Sal Petróleo S.A.), through an on-site public auction, it said.

PPSA, under Brazil's ministry of mines and energy, is responsible for managing production sharing contracts on behalf of the Brazilian government and commercializing the produced oil and gas.

PPSA has the authority to directly sell the government's share of oil from these contracts. The auction involved four lots, all derived from the Brazilian government's share in the Mero and Búzios oil fields, totaling 37.5 million barrels.

CNOOC has been involved in Brazil's deepwater oil fields for a decade, collaborating with companies such as Shell, BP, and Petrobras to participate in oil and gas project bids, securing several key exploration and development projects.

This recent success in securing a Brazilian crude oil trade contract further deepens energy cooperation between China and Brazil, it said.

Looking ahead, CNOOC aims to continue strengthening energy cooperation with countries and regions participating the Belt and Road, achieving mutual benefit and win-win development with resource countries.

CNOOC is committed to promoting the global integration of oil and gas resources, connecting advanced technologies and equipment, facilitating smooth oil and gas trade, and fostering strong international relations, it said.

zhengxin@chinadaily.com.cn