Petrobras signs 8.4 billion reais contract for subsea interconnection

Brazil's state-run oil company Petrobras signed a contract of 8.4 billion reais ($1.5 billion) with Subsea7 for the subsea interconnection of the Buzios 11 project, it said in a statement on Monday.

"The Buzios 11 Production Development Project envisions the interconnection of 15 wells to the P-83 platform, including 8 production wells and 7 alternating water and gas injection wells," the statement said.

The contract establishes a minimum requirement of 40 per cent local content, but Petrobras said the expectation is to reach a percentage above 50.

The Búzios 11 Production Development Project provides for the interconnection of 15 wells to the P-83 platform, eight of which are producers, seven alternating water and gas injectors.

The start of the EPCI Búzios 11 offshore campaign is scheduled for October 2027. The Búzios consortium is composed of Petrobras (operator), Chinese partner companies CNOOC and CNODC, and PPSA, the company that manages the production sharing contracts.

(Reporting by Isabel Teles; Editing by Mark Porter)