Shell, Total, CNPC, CNOOC Win Libra Round
BACK TO TOP
Back to Posts
  • Data analysis

    Petrobras, the government designated operator, along with Majors Shell and Total and Chinese NOCs CNPC and CNOOC, have won the Libra pre-salt bidding round. Libra is the biggest new exploration award to date, globally, and received a sole bid.The Libra Block is located in Santos Basin, approximately 170 km off the coast of Rio...

    Petrobras, the government designated operator, along with Majors Shell and Total and Chinese NOCs CNPC and CNOOC, have won the Libra pre-salt bidding round. Libra is the biggest new exploration award to date, globally, and received a sole bid.

    The Libra Block is located in Santos Basin, approximately 170 km off the coast of Rio de Janeiro, Brazil. The block covers approximately 1,550 sq km in water depths of around 2,000m. The estimated recoverable resources of Libra discovery is around 8-12 Bbbl of oil.

    Production Sharing Contract highlights

    • Signature bonus of $7 billion to be paid in a single tranche
    • Profit oil of 41.65% for the federal government; the share of government is subject to oil price and well productivity
    • Tenure of 35 years
    • Exploration phase to last four years
    • Minimum exploratory program: 3D seismic for the whole block, two exploratory wells and one extended well test

    Ownership structure: Petrobras (40%, operator), Shell (20%), Total (20%), CNPC (10%) and CNOOC (10%).

    View Petrobras press release

    View Shell press release