Libra Field JV Approves Capex of $400-$500M for 2014

Petroleo Brasileiro S.A. (Petrobras) announced Thursday that the consortium formed by Petrobras (40 percent), Shell (20 percent), Total (20 percent), CNOOC (10 percent) and CNPC (10 percent), along with Pre-Sal Petroleo S.A. (PPSA), has approved, on the Operational Committee meeting held Jan. 21, the working and investment plan for Libra in 2014.

The main activities included in the working plan are: seismic reprocessing in the whole area of the block; drilling of two wells starting on the second half of 2014 with estimated conclusion on the first half of 2015; and studies for a new seismic acquisition using high-end technologies and for an extended well test forecasted for the end of 2016. The approved capital expenditure for these activities in 2014 is within a range of $400 million and $500 million.

The production share contract of Libra states that the exploration phase of the block will have duration of four years from the contract signature date, which happened Dec. 2, 2013. The minimum exploratory program, to be carried out during this period, includes 3D seismic acquisition for the whole block, two exploratory wells and one extended well test.

The Libra block is located in ultra deep waters of Santos Basin pre-salt and is considered a prospect of high potential. The total extension of the area is 597.59 square miles (1,547.76 square kilometers) and was discovered by well 2-ANP-0002ARJS, drilled in 2010.


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