Chinese state-run oil and gas company CNPC has signed an agreement with Brazilian oil group Petrobras to resume works at the 165,000 bbl/d Rio de Janeiro Petrochemical Complex (COMPERJ) refinery project in Itaboraí (Brazil) and to revitalise investments in the fields of the Marlim area.
CNPC will acquire a 20% interest in the refinery project, which was stalled in 2015 after Petrobras failed to find a partner and was forced to significantly reduce its investments. Petrobras will retain an 80% interest in the refinery and both companies have agreed to jointly conclude the refinery feasibility study and the project's business valuation.
CNPC will also take a 20% stake in the Marlim cluster, comprising the Marlim, Voador, Marlim Sul and Marlim Leste fields in the Campos basin from Petrobras. The assets could produce up to 350,000 bbl/d of heavy oil which would be shipped to feed the refinery project. Petrobras will retain the remaining 80% stake and the operatorship of the fields.
Since 2013, Petrobras and CNPC have been partners in the Libra area, in the Santos Basin pre-salt. In 2017, a consortium of Petrobras (operator with 40% stake), CNPC (with 20%) and BP (with 40%) also acquired the Peroba Block.