Tauil & Chequer advises CNOOC on acquisition of Petrobras’ stake

Tauil & Chequer Advogados associated with Mayer Brown advised CNOOC Group, which through its Brazilian subsidiary has been active in the exploration, production and marketing of oil and gas in Brazil since 2013, in the acquisition of Petrobras’ 5% stake in the Buzios field production sharing contract for R$10.3 billion.

CNOOC Group was already Petrobras’ partner in the Búzios Field with a 5% stake, acquired in consortium with the also Chinese CNODC in the First Bidding Round of the Surplus Volume of the Onerous Assignment conducted by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in 2019.

The fields acquired for exploration and production from the surplus volume of the onerous transfer have a complex regulatory and contractual structure. As of the original acquisition in 2019, the lawyers have negotiated several agreements for the management of operations in the Búzios Field, including the hitherto unprecedented Co-Participation Agreement. Due to the acquisition of additional interest by the CNOOC Group, this is the first time that the ANP and the Ministry of Mines and Energy (MME) have evaluated and approved the assignment of interest in a contract operating under a co-participation area.

The firm advised the CNOOC Group in the preparation and negotiation of the assignment contract, as well as in the approval process of the operation by ANP, MME, and the Administrative Council for Economic Defense (CADE), and also in the amendment of all other contracts in effect for the Búzios project.

The team was led by partner Victor Galante (pictured left) included the participation of partners Tiago Macêdo (pictured center left), Guido Vinci (pictured center right), and Adriana Giannini (pictured right), as well as associates Livia Seabra (Corporate and M&A), João Marcelo Rodrigues (Corporate and M&A), Niandra Soares (Tax), and Isabella Giorgi (Antitrust).