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.
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