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Petrobras starts producing oil in giant offshore Libra field

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Staff Writer |
Oil exploration   50,000 barrels per day

Oil production has started in the giant deepwater Libra field, which is estimated to hold between 8 billion and 12 billion barrels of crude, Petrobras said.

A rig with the capacity to produce 50,000 barrels per day (bpd) of oil and 4 million cubic meters per day of natural gas began operating on Sunday, Petrobras, which is the operator for the consortium that won the production rights in the field, said in a statement.

The consortium won the production rights in Libra four years ago and agree to a contract that gives the Brazilian government 41.65 percent of all the oil produced in the offshore field, excluding costs.

Petrobras has a 40 percent stake in the consortium, while Royal Dutch Shell has a 20 percent interest, France’s Total has a 20 percent stake and China’s CNPC and CNOOC Limited each hold 10 percent interests.

The rig is being leased by the Libra consortium from Odebrecht Oleo e Gas (OOG) and Teekay Offshore Partners, which will operate the drilling platform.

The offshore platform has the capacity to drill to a depth of up to 2,400 meters (7,868 feet), Petrobras said.

The rig is operating about 200 kilometers (124 miles) off the coast of Rio de Janeiro.

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