Collaboration between the partners in the pursuit of the technologies to maximize the project’s value has helped lower the break-even price by around $13/bbl.
Actions have focused on cost optimization and increased recovery as part of the “Libra@35” project, designed to achieve a break-even price of $35/bbl.
Among the initiatives completed is a reduction of 460 days in the appraisal phase, which represented earnings of $360 million. This followed optimization of information acquisition during the exploration and appraisal phase.
Another initiative was the use of a simplified design for intelligent completion – a technique to track the performance of remotely-controlled wells – leading to gains of seven to 18 days in this activity.
In addition, the use of a WAG (water/alternating gas) loop, under which two water/gas injector wells are connected into one loop, led to reduced use of flexible lines, with savings of $300 million.
Finally, the consortium plans to involve suppliers for the Libra 4 project involved from the project’s design phase, in order to reduce investment in equipment and installation of subsea systems by 30%.
Projected savings from this initiative will be around $400 million.
In a separate development, Petrobras reports that the President of the Federal Regional Court of the 5th Region in Brazil hassuspended an injunction interrupting the transfer of Petrobras’ stake in the BM-S-8 exploration block (Carcará field) to Statoil.
As a result, Statoil is cleared to proceed with exploration at Carcará.