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Shell' s successful bid for giant field in deep water Brazil

HOUSTON -- A consortium of companies Shell , Petrobras, Total, CNPC and CNOOC, won 35-year production sharing contract (PSC) to develop the giant Libra pre-salt oil discovery located in the Santos Basin, offshore Brazil.

Agencia Nacional do Petroleo (ANP), estimates Libra’s recoverable resources of between 8 to 12 billion barrels of oil.“The Libra oil discovery in Brazil is one of the largest deep water oil accumulations in the world. We look forward to applying Shell’s global deep water experience and technology, to support the profitable development of this exciting opportunity,” said Peter Voser, CEO Shell.

Shell holds 20% in the consortium, with Petrobras 40% as operator, Total 20%, CNPC 10% and CNOOC 10%. The consortium will work together in an integrated fashion to support Petrobras, the most experienced operator in the Brazilian pre-salt, and will incorporate each company’s deep water skills, people and technology for the success of the venture.

The PSC is expected to be signed in November 2013. As part of the winning bid, Shell will pay its 20% share of the total signing bonus of 1.4 billion, and fulfill the minimum work program no later than end 2017.

The ultra-deep water Libra accumulation is located in Santos Basin, approximately 170 km off the coast of Rio de Janeiro. The block covers approximately 1,550 sq km in water depths of around 2,000 m (6,500 ft). The reservoir depth is around 3,500 m below the sea floor (11,500 ft). The ANP estimates that total gross peak oil production could reach 1.4 million barrels per day.

10/23/2013

 

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