On June 1, CNOOC Limited announced that Buzios5 Project has commenced production safely.

Buzios oilfield is located in the Santos Basin, southeast offshore of Brazil, with a water depth of 1,900 to 2,200 meters. It is the largest deep-water pre-salt oilfield in the world, with a daily production of about 600,000 barrels at present. Buzios5 is the fifth phase of oilfield development. It will be developed with an FPSO and subsea production system. The project has already drilled 5 producing wells and 5 injectors. These wells will produce up to 150,000 barrels of crude oil, 6 million cubic meters of natural gas and inject 220,000 barrels of water per day.

The FPSO used in Buzios5 project was converted in China in July 2022 and arrived at the oilfield in February 2023. It is able to store 1.4 million barrels of crude oil.

Xia Qinglong, President of the company, said, "Buzios5 is the first project to commence production after CNOOC Limited joins Buzios project, which will inject new momentum into our overseas production growth. We adhere to win-win cooperation with the host government and partners, to jointly develop the world-class ultra-deepwater project, and to contribute to the sustainable development of Brazil's oil and gas industry, economy and society."

CNOOC Petroleum Brasil Ltda , a wholly-owned subsidiary of the Company, holds a 7.34% interest in the Buzios Shared Reservoir, while the operator Petrobras holds 88.99%, and CNODC Brasil Petróleo e Gás Ltda holds 3.67%.