Total: Brazil's Libra Oil Field Will Cost $80B To Develop
RIO DE JANEIRO, Sept 16 (Reuters) - Brazil's biggest oil field Libra, located off the coast of Rio de Janeiro, will cost $80 billion to develop, an executive at consortium member Total said on Tuesday.
Libra, in the Santos Basin, contains an estimated 8 billion to 12 billion barrels of oil.
"(Libra) will give us a return on our investment for many decades," Ladislas Paszkiewicz, Total's vice president for exploration and production in the Americas, said at a conference in Rio de Janeiro.
Paszkiewicz did not offer any further details on the financial plans for the project.
The Libra consortium is led by state-run oil firm Petroleo Brasileiro SA, or Petrobras, with a 40 percent stake. Total and Royal Dutch Shell Plc both have 20 percent while China's National Petroleum Corp and CNOOC have 10 percent each.
(Reporting by Marta Nogueira; writing by Stephen Eisenhammer; editing by Matthew Lewis)
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.
- Total Starts Up Antwerp Refinery And Petrochem Complex After Upgrade (Nov 30)
- Hoegh LNG: Pakistan LNG Import Project Consortium Folds (Nov 16)
- France's Total Buys Engie's LNG Business For $1.5B (Nov 08)