Petrobras-led consortium to begin Libra offshore oil production in 2020

Petrobras has reported that Brazil's biggest oil discovery, the offshore Libra area, will not enter production until 2020 and peak output will come at least four years later.

Libra Oil Field
Libra Oil Field

Offshore staff

SÃO PAULO, BrazilPetrobras has reported that Brazil's biggest oil discovery, the offshore Libra oil field area, will not enter production until 2020 and peak output will come at least four years later.

The Libra field operation will be controlled by a five-member consortium of Petrobras, Shell Brasil, Total (France), China National Petroleum Corp. (CNPC), and CNOOC Ltd. Consortium member shares are: Petrobras, 10%; Shell Brasil, 20%; Total, 20%; CNPC, 10%; and CNOOC, 10%. In addition to its above share, Petrobras holds a 30% mandatory stake, which also calls for Petrobras to hold the oilfield operatorship.

Libra has an estimated 8-12 Bbbl of recoverable oil, and peak production is expected in 2024–2025.

11/13/2013

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