Petrobras: Working and Investment Plan for Libra Oil Field Approved

Petrobras announces that, at the Operational Committee meeting of January 21, the consortium formed by Petrobras (40%), Shell (20%), Total (20%), CNOOC (10%) and CNPC (10%), along with Pré-Sal Petróleo S.A. (PPSA), approved the 2014 Working and Investment Plan for the Libra oilfield.

The main activities included in the working plan are: seismic reprocessing for the entire block; drilling two wells, to commence in the second half of 2014 and scheduled for completion in the first half of 2015; and studies for a new seismic survey using high-end technology and an extended well test at the end of 2016. The approved capital expenditure for these activities is between US$ 400 and US$ 500 million in 2014.

The Libra production share contract states that the exploratory phase will last four years, as from contract signature on December 2, 2013. The minimum exploratory program to be implemented during this period includes a 3D seismic survey of the entire block, two exploratory wells and one extended well test.

The Libra oilfield is located in the ultra deep waters of Santos Basin pre-salt layer and is considered to have high potential. With a total area of 1,547.76 km2, it was discovered when well 2-ANP-0002ARJS was drilled in 2010.