2014 Working and Investment Plan for Libra

abarrelfullabarrelfull wrote on 22 Aug 2014 08:29

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January 23rd, 2014

Petróleo Brasileiro S.A. – Petrobras announces that the consortium formed by Petrobras (40%), Shell (20%), Total (20%), CNOOC (10%) and CNPC (10%), along with Pré-Sal Petróleo S.A. (PPSA), has approved, on the Operational Committee meeting held on January 21st, the working and investment plan for Libra in 2014.

The main activities included in the working plan are: seismic reprocessing in the whole area of the block; drilling of two wells starting on the 2nd half of 2014 with estimated conclusion on the 1st half of 2015; and studies for a new seismic acquisition using high-end technologies and for an extended well test forecasted for the end of 2016. The approved capital expenditure for these activities in 2014 is within a range of US$ 400 million and US$ 500 million.

The production share contract of Libra states that the exploration phase of the block will have duration of four years from the contract signature date, which happened on December 2nd, 2013. The minimum exploratory program, to be carried out during this period, includes 3D seismic acquisition for the whole block, two exploratory wells and one extended well test.

The Libra block is located in ultra deep waters of Santos Basin pre-salt and is considered a prospect of high potential. The total extension of the area is 1,547.76 km2 and was discovered by well 2-ANP-0002ARJS, drilled in 2010.

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