Union will be entitled to about 6,000 barrels per day in the first months.

The production of surplus volumes from the Búzios Field Transfer of Rights, in the Santos Basin pre-salt, began on a production-sharing basis yesterday. The activity will take place in co-participation with the Transfer of Rights contract. With this, the Union will have the right to a share of production in Búzios for the next 35 years, increasing its revenue from oil exploration in the Pre-Salt Polygon. The estimate is that the initial production allocated to the Union, as oil surplus, is around 6,000 barrels per day in the first few months, gradually increasing over the years.

Búzios, the largest deepwater oil field in the world, is a world-class asset, with excellent quality oil, substantial reserves, low risk and low cost of extraction. It is located 180 km off the Brazilian coast, with an area of 850 km² and a production area more than 5,000 meters deep in relation to sea level. The approximately 60 wells drilled so far confirm the excellent quality of the reservoir.

The field has four production systems installed, with current production around 550,000 barrels of oil per day. In the coming years, another eight production systems are expected to enter, reaching a production capacity of 2 million barrels per day.

Petrobras is the Operator of the Búzios Production Sharing Contract, with a 90% interest, having as partners the companies CNODC Brasil Petróleo e Gás LTDA (5%) and CNOOC Petroleum Brasil LTDA (5%).

Pré-Sal Petróleo (PPSA) manages the production sharing contract, directly participating in the consortium's commercial and technical decisions. The company will also sell part of the Union's production.