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Petrobras Finds Oil in Offshore Libra Prospect

Source: Reuters 10/27/2014, Location: South America

Brazil's state-run oil company Petroleo Brasileiro SA found "good quality" oil in an exploration well in the giant Libra prospect, off the coast of Rio de Janeiro state.

The well is the first drilled by the Petrobras-led consortium which won the right to explore and develop the area which contains an estimated 8-12 billion recoverable barrels of petroleum.

Petrobras has a 40 percent stake in the group with Royal Dutch Shell Plc and Total SA each owning 20 percent and China's CNPC and CNOOC Ltd each with 10 percent.

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