Petrobras consortium find high-quality oil at the Libra area, off Rio do Janeiro

Friday, October 31st 2014 - 06:28 UTC

Full article 13 comments

Libra consortium is composed of Petrobras (40%), Shell (20%), Total (20%) and China's CNOOC (10%)

The Petrobras-led Libra consortium has said that the first extension well in the Libra area, known as 3-BRSA-1255-RJS (3-RJS-731), has proven the discovery of high-quality oil in the northwest portion of the structure.

The well, informally known as NW1, is located in the pre-salt of Santos Basin, at about 170-kilometres off the coast of the state of Rio de Janeiro and approximately 4-kilometres southeast of the discovery well, 2-ANP-2A-RJS.

The oil-bearing interval was observed by means of fluid profiles and samples, which will subsequently be characterized through laboratory analysis. The well is still being drilled, currently at a depth of 5,326 meters, and drilling will continue until 5,850 meters.

The consortium will continue with the operations to complete the well drilling plan until the planned depth is hit, to verify the extension of the new discovery, and to characterize the conditions of the reservoirs found.

The Libra consortium is composed of Petrobras (operator, with a 40% stake), Shell (20%), Total (20%), CNPC (10%) and CNOOC (10%), and the contract manager is Pré-Sal Petróleo S.A. (PPSA).

Libra was the first area auctioned by Brazil’s Oil, Natural Gas and Bio-fuels Agency (ANP) under the production sharing regime.

The well is the first drilled by the consortium, which won the right to explore and develop the area. An estimated eight to 12 billion recoverable barrels of petroleum are believed to be contained in the area.

Categories: Economy, Energy & Oil, Investments, Brazil.

Tags: Brazil, Brazil’s pre-salt potential, CNOOC Ltd., Libra deepwater oil field, Petrobras, Royal Dutch Shell PLC, Total.

Top Comments

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Anglotino
Oil means nothing unless you have a competent government to utilise the wealth.

Just ask Venezuela.

Maybe time for Rio to think about going it alone. It already loses the largest amount of its contributions to the federal government.
Oct 31st, 2014 - 07:00 am 0
Jack Bauer
@1 Anglotino
No chance of Rio, or even sao Paulo for that matter , going it alone. A couple of years back, more or less, the Federal government decided to change the rules whereby , to cut it short, the non-producing States would end up with more revenue than those in whose territorial waters the extraction occurs, and which have borne most of the costs to make it possible. This attempt by the Federal government to 'redistribute' the wealth, was seen as a form of deviating money to the States under the control of their cronies, i.e., the north and northeast, and faced very strong opposition from Rio and SP, but apparently to no avail. I am not 100% certain, but I don't think there's much chance of changing the status quo.
Oct 31st, 2014 - 08:48 pm 0
Captain Poppy
Brazil this is how you run an oil business:

http://news.yahoo.com/exxon-beats-3q-profit-forecasts-123113653.html
Oct 31st, 2014 - 09:33 pm 0

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