Total will help to develop the Libra field, the largest pre-salt oil discovery to date. Libra lies 170 kilometers off the southeastern coast of Brazil, in the very prolific Santos Basin, and contains estimated recoverable reserves of 8 billion to 12 billion barrels.
The partners in the 35-year production sharing contract are top-tier oil industry players: Total (20%), operator Petrobras (40%), Shell (20%), and China’s CNPC and CNOOC (10% each).
Libra is a unique opportunity to create upstream value for Total and increase our oil production capacity for the coming decade and beyond. The field offers exceptional prospects for profitability for the duration of plateau production, with a very competitive cost of access to resources.
The deep offshore and large-scale project management expertise of Shell and Total will be instrumental in developing this mega-field, which covers an area of 1,550 square kilometers in water depths of 2,000 meters, and achieving first oil on time and on budget.