Brazil's Libra Oil Field Will Cost $80b to Develop

Source: Reuters 9/16/2014, Location: South America

Brazil's biggest oil field Libra, located off the coast of Rio de Janeiro, will cost $80 billion to develop, an executive at consortium member Total said.

Libra, in the Santos Basin, contains an estimated 8 billion to 12 billion barrels of oil.

"(Libra) will give us a return on our investment for many decades," Ladislas Paszkiewicz, Total's vice president for exploration and production in the Americas, said at a conference in Rio de Janeiro.

Paszkiewicz did not offer any further details on the financial plans for the project.

The Libra consortium is led by state-run oil firm Petroleo Brasileiro SA, or Petrobras, with a 40 percent stake. Total and Royal Dutch Shell Plc both have 20 percent while China's National Petroleum Corp and CNOOC have 10 percent each.


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