Libra oil field – Exxon Mobil, BP and BG not taking part in International Bidding

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.

National Agency of Petroleum (ANP) officials are confident Libra will contain even more recoverable oil than Franco oil field.

The field was discovered in May 2010 at the same time with Franco prospect. Libra is located 19 miles (31 km) from Franco and is being drilled by Petrobras contracted by the ANP. Officials confirmed Franco and Libra was not linked to near Iara field.

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 (790×106 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).

The region the reservoir is located in is 200 kilometres (120 mi) wide and 800 kilometres (500 mi) long. 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.

According to consultancy firm Gaffney, Cline & Associates the field’s reserves are 3.7 to 15 billion barrels (590×106 to 2,400×106 m3) “with the most probable estimate being 7.9 billion barrels (1.26×109 m3)”.

May 2010

Libra oil field was discovered.

14 July 2010

The first exploration well collapsed when reached to an underwater salt bed.

December 2010

Second layer of hydrocarbons was found in late December 2010.

3 September 2013

Brazil’s oil regulator, the ANP, on Tuesday confirmed it will hold an auction to sell an enormous offshore oil field on Oct. 21, after publishing the final bidding rules and sale contract.

19 September 2013

Three of the world’s leading oil companies, Exxon Mobil, BP and BG, have decided not to take part in the upcoming international bidding for rights to explore Brazil’s deep-water Libra oil reserve, Brazil’s National Petroleum Agency (ANP) said Thursday. At least 12 companies have already confirmed their intention to bid, but that figure may increase as the ANP concludes its confirmation process. The agency is expecting as many as 40 companies to take part.

2 October 2013

Brazil’s National Petroleum Agency, or ANP, said late Tuesday that all 11 companies registered for the Oct. 21 auction of one of the world’s largest offshore oil discoveries had qualified to participate in the sale.

21 October 2013

International bidding for rights to explore Brazil’s deep-water Libra oil reserve.

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