ANP confirms Libra oil field auction


ANP confirms Libra oil field auction


SAO PAULO -- ANP, confirmed it will hold an auction to sell an enormous offshore oil field on October 21, after publishing the final bidding rules and sale contract.

The Libra prospect is estimated to hold between 8 Bbbl and 12 Bbbl of recoverable crude oil, and is expected to generate intense interest from private and national oil companies around the world.

Libra is part of the pre-salt oil deposits that have been discovered off Brazil's southeast coast in water 2,000 m deep and buried a further 5,000 m below sand, rocks and salt.

This will be the first prospect to be sold under new rules drawn up by the Brazilian government which place greater state control over development and production, and a greater share of any profits. Petrobras, will operate the field and will hold at least a 30% stake in Libra.

Winning bids will be determined by the amount of profit oil, or oil produced after development costs, that companies agree to give the Brazilian government.

Dow Jones Newswires

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