Petrobras Confirms Libra Block's Hydrocarbon Potential in Latest Drilling

Petroleo Brasileiro S.A. (Petrobras) reported Wednesday that the consortium responsible for the Libra area, in the pre-salt of Santos Basin, has concluded the drilling of well 3-BRSA-1310-RJS, located in the central portion of the block offshore Brazil.

This well identified the presence of hydrocarbons in a low-porosity reservoir, providing important information for the ongoing appraisal campaign of this structure. This is the fourth well drilled in the Libra area. In addition, the consortium is drilling in two other locations: the 3-RJS-739A well, in the northwest area of the block, has already found carbonate reservoirs with oil and is undergoing coring operations (collection of reservoir samples); and in the 3-RJS-741 well, in the North, that drilling has just begun.

The Libra block was acquired in October 2013 and activities related to the Exploration Phase are ongoing. An FPSO (Floating, Production, Storage and Offloading) with a capacity of 50,000 barrels of oil and 141.24 million cubic feet (MMcf/d) or 4 million cubic meters (MMcm/d) per day of gas has already been hired for deployment in extended well tests. Additionally, another FPSO with a capacity of 180,000 barrels of oil and 423.73 MMcf/d (12 MMcm/d) of gas is being tendered for the Libra Pilot Project.

The Libra Consortium is comprised of Petrobras (Operator, with 40 percent), Shell (20 percent), Total (20 percent), CNPC (10 percent), CNOOC (10 percent) and PPSA (as contract manager).

Earlier on Tuesday, Petrobras announced that it concluded the negotiations with the Industrial and Commercial Bank of China Leasing - ICBC Leasing related to a financing transaction amounting to $2 billion for a period of 10 years, through a financing leasing related to two already existing platforms (P-52 and P-57).

This transaction is part of the cooperation agreement to create a long-term relationship between Petrobras and ICBC, entered into during the visit of the Chinese prime minister Li Keqiang to Brazil in May.

The funds will be available for disbursement after the internal approvals of both institutions.

This transaction is part of Petrobras' strategy to diversify its financing sources and represents an anticipation of the financing activities planned for 2016.

Facts deemed relevant on this topic will be timely communicated to the market.


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