• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 5 hours Oil prices going Up? NO!
  • 15 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 14 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 18 mins The Tony Seba report
  • 20 hours Oil prices going down
  • 23 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 hour Saudi Arabia turns to solar
  • 13 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 2 days Oil Buyers Club
  • 7 hours Kenya Eyes 200+ Oil Wells
  • 7 hours Are Electric Vehicles Really Better For The Environment?
  • 2 days Gazprom Exports to EU Hit Record
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 22 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Could Venezuela become a net oil importer?
  • 21 hours Tesla Closing a Dozen Solar Facilities in Nine States
Alt Text

Oil Markets Turn Bearish Ahead Of OPEC Meeting

Oil prices fell on Tuesday…

Alt Text

U.S.-China Trade War Will Hurt Shale Drillers

The latest escalation in the…

Alt Text

Uncertainty Looms Large Over Latin American Oil

While Venezuela is grabbing a…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

An Investors’ Guide to Libra

Petrobras is the largest deep-water operator in the world, with 22%+ of its activity in the deep. Petrobras is the first company in the world to find and produce gas under a layer of salt on the continental shelf. Its pre-salt discoveries have the potential to position Brazil as having one of the world’s largest oil reserves. Petrobras has proven reserves of about 16 billion barrels of oil, which is forecast to double over the next 3-4 years with new discoveries, and is currently producing almost 350,000 barrels per day of oil equivalent in the pre-salt layer of the Santos and Campos Basins—beyond their expectations. By 2016, the company’s pre-salt production should reach 750,000 bpd, and the forecast for 2020 is nearly 2 million bpd. It sounds fabulous—on paper.

In October 2013 in Brasilia, the National Petroleum Agency (ANP) will hold its first auction for pre-salt oil when it awards a concession for the Libra field, located off the coast of Sao Paulo and Rio de Janeiro in the Santos Basin. This, according to the ANP, will be the last pre-salt auction before 2015 at the very earliest.

Following a 3D survey the ANP estimates Libra to hold 26 to 42 billion barrels of oil equivalent, of which 8 to 12 billion barrels are currently classified as recoverable, making this a historic auction.

However, as a pre-salt field Libra presents some unique challenges: oil and gas deposits will be costly and technically difficult to extract.…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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