• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 38 mins America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 1 hour Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 6 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 3 hours KSA taking Missiles from ?
  • 5 hours Where's the storage?
  • 8 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 5 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 5 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 7 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 9 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 10 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 12 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Brazil’s Giant Libra Field could Produce One Million Barrels a Day

Magda Chambriard, the head of the National Petroleum Agency, has said that Brazil’s giant oil prospect, the Libra field, which holds an estimated 15 billion barrels of oil, could easily produce a million barrels of oil a day when it is fully developed; twice the output of OPEC member Ecuador, according to Bloomberg.

Plans exist to have 12 to 18 production vessels permanently anchored on the deepwater field off the coast of Brazil, with each well pumping as much as 30,000 barrels a day.

Chambriard commented that is not unreasonable to expect production at the Libra field to begin within five years

The largest oil discoveries of the century have been discovered off the coast of Brazil, and it is relying on the development of these pre-salt regions to double production output by 2020, as it strives to make up for a decline in production from the old, shallower fields.

Related article: Exxon’s Bakken Expansion is Rewarded as USGS Doubles Reserves Estimate

Chambriard explained to Bloomberg that the Brazilian government would take at least 70% from the Libra field, including taxes, a signing bonus, and so-called profit oil that companies must pledge when trying to win a stake in the field.

“All big companies expressed interest in this type of bidding. It is possible to consider one million barrels a day for Libra, easily,” she said.

70% may seem like a lot, but countries such as Libya and Venezuela take an even larger chunk of oil projects.

By. Charles Kennedy of Oilprice.com


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News