Total, as part of a consortium comprised of Petrobras, Shell, CNPC and CNOOC, has been awarded a 35-year Production Sharing Contract (PSC) to develop the super-giant Libra field with a potential of 8 to 12 Gbl of recoverable oil resources, and a total gross peak oil production which could reach 1.4 mb/d as per the Brazilian regulator, Agência Nacional do Petróleo (ANP). The production sharing contract is expected to be signed in November 2013. The Libra field is the largest pre-salt oil discovery to date in the prolific Santos basin, offshore Brazil. The field is located approximately 170 km off the coast of Rio de Janeiro. It covers an area of 1,550 km² in water depths of around 2,000 meters.
Total holds 20% in the consortium, with Petrobras 40% as operator, Shell 20%, CNPC 10% and CNOOC 10%. As part of the winning bid, Total will pay R$3bn (US$1.4nn) as its 20% share of the signing bonus. In addition to the signing bonus, the consortium will have to conduct a minimum work program consisting of 3D seismic, 2 wells and an extended well test to be completed no later than end 2017.
Source: Total