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. Buzios7 is the sixth project commissioned of the oilfield. It will be developed with an FPSO and subsea production system. 15 development wells are planned to be put into production, including 7 oil producers, 6 water and gas injectors, 1 convertible well and 1 gas injector. With Buzios7 on-stream, Buzios oilfield is expected to produce up to 1 million barrels of crude oil per day in the second half of 2025.

The FPSO used in Buzios7 project is one of the largest FPSOs in the world, with a processing capacity higher than the industry average. It was converted in China in July 2024 and arrived at the oilfield in October the same year. The FPSO is able to produce up to 225,000 barrels of crude oil, process 12 million cubic meters of natural gas per day and store 1.4 million barrels of crude oil. In addition, it is equipped with closed flare to reduce greenhouse gas emissions, and heat recovery devices to reduce energy consumption.

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%.