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Libra deepwater oilfield to yield a million bpd

Staff writer ▼ | July 18, 2013
The Libra deepwater oil field that Brazil plans to auction off October 21 will yield minimum output of 1 million barrels of crude per day (bpd), the National Petroleum Agency (ANP) said.
Libra deepwater oil field
Libra deepwater oil fieldThe Libra deepwater oil field that Brazil plans to auction off October 21 will yield minimum output of 1 million barrels of crude per day (bpd), the National Petroleum Agency (ANP) said.


That production would be equivalent to half of Brazil's current output of 2 million bpd.

The consortium that is awarded the right to develop the Libra prospect will likely need to drill for about four years after signing its production-sharing agreement, with commercial production likely to begin in the fifth year, ANP Director-General Magda Chambriard said.

ANP studies indicate that between 12 and 18 production platforms will be needed to develop Libra, whose recoverable oil is estimated at between 8 billion and 12 billion barrels, nearly equivalent to Brazil's current proven-reserve base of 14 billion barrels.

Libra, located some 183 km off the coast of Rio de Janeiro state in an area of the Atlantic Ocean where water depths range from between 1,700 meters and 2,400 meters, will be the first pre-salt field to be auctioned off by Brazil.

The winner of the auction will be the consortium that pledges to provide the state the highest proportion of profit oil. ANP estimates that the Brazilian government will receive roughly 75% of the profits from the Libra field, taking into account its share of the profit oil, as well as taxes and royalties.


 

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