Brazilian oil giant Petrobras has signed a long-awaited co-operation agreement worth nearly $3 billion that was deemed crucial for the development of its highly productive Buzios field in the Santos basin pre-salt province.

In November 2019, Petrobras and Chinese groups China National Offshore Oil Corporation (CNOOC) and China National Oil & Gas Exploration & Development Corporation (CNODC) acquired the rights to produce surplus volumes from Buzios.