Total Wins 20% Share in Libra Supergiant Field



French oil major Total reported Tuesday that it is part of a consortium that has been awarded a 35-year production sharing contract to develop Brazil's supergiant Libra field.

The Libra field is the largest pre-salt discovery to date in the prolific Santos Basin, offshore Brazil. Located some 110 miles off the coast of Rio de Janeiro, Brazil's Agência Nacional do Petróleo estimates it contains a potential eight-to-12 billion barrels of recoverable oil reserves with a total gross peak oil production that could reach 1.4 million barrels per day.

Total CEO Christophe de Margerie commented in a company statement:

"Libra offers a unique opportunity to participate in the development of a super-giant deep-offshore oil discovery with strategic partners. Reinforcing our position in the pre-salt Santos basin strengthens and diversifies our upstream portfolio and fits with our strategy to sustain post-2017 production over the next decade.

"We look forward to participating in the development of these vast resources, and we are confident that the combined deep-offshore expertise represented within the consortium will be a valuable contribution to the growth of Brazil’s oil and gas production."

Total holds a 20-percent share in the consortium, while Petrobras (the operator) holds 40 percent. Shell, CNPC and CNOOC hold 20 percent, 10 percent and 10 percent shares respectively.

 

 



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

RELATED COMPANIES