Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. CNOOC Limited
  6. News
  7. Summary
    883   HK0883013259

CNOOC LIMITED

(883)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

CNOOC : Petrobras says Chinese partners to pay $2.94 billion in Buzios field surplus

06/11/2021 | 09:53pm EDT
The facade of the headquarters of Petroleo Brasileiro S.A. (PETROBRAS) is pictured in Rio de Janeiro

RIO DE JANEIRO (Reuters) - Brazilian state-run oil firm Petroleo Brasileiro SA said on Friday that its Chinese partners in the Buzios pre-salt oil field will have to pay it $2.94 billion for its prior investment in exploration under the TOR rights to surplus oil found there.

Petrobras said in a securities filing that Brazilian oil regulator ANP still has to approve the estimates of payment by China National Offshore Oil Corp (CNOOC) and China National Oil and Gas Exploration and Development Corp (CNODC), which have a 10% stake in the surplus output of the productive Santos basin field.

TOR, short for transfer of rights, covers a roughly 2,800-square-km (1,080-square-mile) zone off the coast of southeastern Brazil, where billions of barrels of oil are trapped beneath a thick layer of salt under the ocean floor, according to surveys.

It is part of a larger oil-producing zone known as the "pre-salt," which has emerged as one of the world's most promising conventional oil plays.

The area was defined in a 2010 deal between the government and Petrobras, when the company raised some $70 billion in the world's largest-ever share offering at the time.

The government granted Petrobras the rights to extract 5 billion barrels of oil in the TOR area in a deal that provided Petrobras and the government room to revise terms when fields were declared commercially viable.

A blockbuster auction of Buzios oil prospecting rights in November 2019 was won by a consortium led by Petrobras (90%) along with CNOOC and CNODC (10%) who agreed to pay the Brazilian company for its investment in exploration that found the surplus oil.

Once the payment gets regulatory approval and is paid to Petrobras, the Brazilian company will have a 92.66% stake in Buzios and its Chinese partners 3.66% each, the filing said.

(Reporting by Marta Nogueira and Anthony Boadle; Editing by Leslie Adler)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED -1.16% 7.7 End-of-day quote.7.24%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS -3.24% 26.91 End-of-day quote.-5.05%
All news about CNOOC LIMITED
07/30SUBSEA 7 S A : Installs Pipeline Bundle For CNOOC International's Buzzard Projec..
MT
07/30China's major fertiliser makers to suspend exports amid tight supplies
RE
07/29MARKET CHATTER : TraHK to Ban US Citizens, Firms Starting June 2022
MT
07/29SINOFERT : China's major fertiliser makers to suspend exports amid tight supplie..
RE
07/29CNOOC : Japex warns of $820 million loss on Canadian oil sands exit
RE
07/26China to Cut Retail Fuel Prices From Tuesday
MT
07/26CHINA BLUECHEMICAL : Expects Sharp Rise in H1 Net Profit
MT
07/21CNOOC : Commences Production at Oilfield in China's Bohai Sea
MT
07/21CNOOC : Announces Luda 29-1 Oilfield (Form 6-K)
PU
07/21CNOOC's Luda 29-1 Oilfield Starts Production
MT
More news
Financials
Sales 2021 222 B 34 358 M 34 358 M
Net income 2021 59 071 M 9 143 M 9 143 M
Net Debt 2021 106 B 16 464 M 16 464 M
P/E ratio 2021 4,78x
Yield 2021 9,89%
Capitalization 286 B 44 232 M 44 234 M
EV / Sales 2021 1,77x
EV / Sales 2022 1,61x
Nbr of Employees 18 151
Free-Float 35,0%
Chart CNOOC LIMITED
Duration : Period :
CNOOC Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CNOOC LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 20
Last Close Price 6,40 CNY
Average target price 9,96 CNY
Spread / Average Target 55,5%
EPS Revisions
Managers and Directors
Ke Qiang Xu Chief Executive Officer & Executive Director
Wei Zhi Xie Chief Financial Officer
Dong Jin Wang Chairman
Xiaonan Wu Joint Secretary & Compliance Officer
Sung Hong Chiu Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
CNOOC LIMITED7.24%44 232
CONOCOPHILLIPS40.19%75 648
EOG RESOURCES, INC.46.10%42 521
CANADIAN NATURAL RESOURCES LIMITED34.59%39 164
PIONEER NATURAL RESOURCES COMPANY27.64%35 463
ECOPETROL S.A.16.66%28 048