Libra oil field

Libra
Country Brazil
Location Santos Basin
Block BM S 11
Offshore/onshore offshore
Operator Petrobras
Field history
Discovery 2010
Production
Current production of oil 0 barrels per day (~0 t/a)
Recoverable oil 7,900 million barrels (~1.1×10^9 t)

Libra oil field is a large ultra-deepwater oil prospect located in the Santos Basin, about 230 kilometres (140 mi) off the coast of Rio de Janeiro, Brazil, north of Tupi field. Libra is in the process of being tested and may turn out to be the largest pre-salt find in the basin, ahead of the Tupi oil field, making the largest find since Cantarell Field in 1976.[1][2][3] National Agency of Petroleum (ANP) officials are confident Libra will contain even more recoverable oil than Franco oil field.[3][4][5]

History

The field was discovered in May 2010 at the same time as the Franco prospect. Libra is located 19 miles (31 km) from Franco and is being drilled by Petrobras contracted by the ANP.[3][6] Officials confirmed that Franco and Libra are not linked to the nearby Iara field.[2]

On 14 July 2010, the first exploration well collapsed when it reached an underwater salt bed.[7] A second layer of hydrocarbons was found in late December 2010.[8]

Eleven companies including CNOOC, CNPC, Ecopetrol, Mitsui, ONGC Videsh (OVL), Petrogal, Petrobras, Petronas, Repsol-Sinopec, Shell and Total were approved by ANP to participate in the Libra auction.[9] Of these, only nine paid financial guarantees to ANP.

Production rights were awarded 21 October 2013 to a consortium led by Petrobras, including France's Total SA and Anglo-Dutch Royal Dutch Shell Plc, who each took 20 percent of the partnership, while China National Petroleum Corp and China's CNOOC took 10 percent each. Petrobras has a 40% interest.[10] Major investments are expected to be made in 2018–2019, but the firms will work to start production as soon as possible. Pre-Sal Petroleo SA, or PPSA, a Brazilian government-run firm, will manage development of the country's recently discovered deep-water oil fields. It named Oswaldo Pedrosa as manager of the company on 14 October 2013.[11]

Ownership

The Libra prospect is owned by ANP. Under the state capitalization plan, Petrobras is expected to receive rights from the government to explore and produce up to 5 billion barrels (790×10^6 m3) of oil in exchange for new shares at fair market value. The plan is to stimulate and double production by 2020 to 5,700,000 barrels per day (910,000 m3/d).[12]

Reservoir

The region the reservoir is located in is 200 kilometres (120 mi) wide and 800 kilometres (500 mi) long.[3] The oil lies under 2,000 metres (6,600 ft) of water and further 5,000 metres (16,000 ft) under sand, rock and shifting salt layer.[6] According to consultancy firm Gaffney, Cline & Associates the field's reserves are 3.7 to 15 billion barrels (590×10^6 to 2,380×10^6 m3) "with the most probable estimate being 7.9 billion barrels (1.26×10^9 m3)".[13]

See also

References

  1. ↑ Yapp, Robin (2010-10-30). "Brazil's Libra oil field may be biggest in Americas since 1976". The Daily Telegraph (London: Telegraph Media Group Limited). Retrieved 2010-12-30.
  2. 1 2 "Oil find may be biggest in 20 years, Brazilians say". Edmonton Journal. Agence France-Presse. 2010-09-15. Retrieved 2010-12-30.
  3. 1 2 3 4 Ewing, Reese (2010-05-14). "Brazil sees second major offshore oil discovery". Reuters. Retrieved 2010-05-17.
  4. ↑ Millard, Peter (2010-10-29). "Brazil Libra Oil Field Holds Up to 15 Billion Barrels". Bloomberg Businessweek. Bloomberg. Retrieved 2010-12-30.
  5. ↑ Millard, Peter (2010-12-30). "Petrobras's Tupi, Iracema Oil Reserves Beat Estimates". Bloomberg Businessweek. Bloomberg. Retrieved 2010-12-30.
  6. 1 2 "Brazil: ANP's Santos Basin Franco presalt well holds recoverable reserves of 4.5 billion barrels". Energypedia News. 2010-05-12. Retrieved 2010-05-17.
  7. ↑ Luna, Denise (2010-07-14). "Petrobras faces setback at Libra exploration well". Reuters. Retrieved 2010-12-30.
  8. ↑ Peter Millard (2010-12-28). "Brazilian Oil Regulator Finds More Signs of Crude at Libra Offshore Field". Bloomberg Businessweek. Retrieved 2010-12-30.
  9. ↑ http://www.1derrick.com/anp-approves-all-eleven-applications-to-participate-in-libra-auction/10747/
  10. ↑ Joe Blount and Sobrina Lorenzi, "Petrobras-led group wins Brazil oil auction with minimum bid", Reuters (10/21/2013).
  11. ↑ "France's Total: 'Heavy' Investments at Libra to Start in 2018-19", Dow Jones (21 October 2013).
  12. ↑ Crofts, Dale (2010-05-12). "Brazil May Top Second Biggest Pre-Salt Find at Well". Bloomberg Businessweek. Bloomberg. Retrieved 2010-05-20.
  13. ↑ Cowley, Matthew (2010-10-29). "Libra Oil Field Reserves Could Be up to 15B Barrels". Rigzone. Dow Jones Newswires. Retrieved 2010-12-30.

External links

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