• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 10 hours Satellite Moons to Replace Streetlamps?!
  • 3 hours U.S. Shale Oil Debt: Deep the Denial
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 1 day EU to Splash Billions on Battery Factories
  • 7 hours The Dirt on Clean Electric Cars
  • 4 hours Owning stocks long-term low risk?
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 11 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days Uber IPO Proposals Value Company at $120 Billion
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 22 hours The end of "King Coal" in the Wales
Alt Text

Oil Markets Take A Bearish Turn

Oil markets appear to have…

Alt Text

Oil Prices Rise On Iran, Hurricane Outages

Oil prices recovered on Tuesday,…

Alt Text

Trump Threatens Iran’s Oil Clients

Trump has directed yet another…

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