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Petrobras confirms Libra consortium’s large oil find in the Atlantic

Brazil’s state oil firm Petrobras has confirmed a huge oil find in the Libra field in the Atlantic Ocean.

Petrobras said that this, the seventh appraisal well in the block, is “Libra’s largest net pay” with a column 410 metres thick.

Libra is being developed by a multinational consortium led by Petrobras.

The Libra field, 180km offshore Rio de Janeiro, is in the pre-salt layer of the Santos basin, a layer of salt formed at the end of the Mesozoic Era when dinosaurs lived. It traps crude oil beneath the Atlantic seabed.

Petrobras, with a 40% interest, is the major stakeholder in the Libra Consortium while others of the multinational group comprise Shell (20%), Total (20%) CNPC (10%) and CNOOC (10%).

The consortium is also drilling an eighth Libra well.

This confirmed find is good news for Petrobras which has been buffeted for two years by a huge bribery scandal and has been hit by the plunging oil price.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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