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CNOOC Limited Announces Libra Block in Brazil Starts Production

Time:2017-11-28 Size:[ Large Medium Small ]

On November 27, 2017, CNOOC Limited announced that the Libra block in Brazil has already started production.

The Libra block is located approximately 180 kilometers off the Rio de Janeiro coast. The block had its first oil produced with the Pioneiro de Libra FPSO, which is designed for extended well tests, with the purpose of evaluating the dynamic behavior of the oil reservoir and deepening the knowledge on the characteristics of the deposit. Pioneiro de Libra has a daily operational capacity up to 50,000 barrels of crude oil and 4 million cubic meters of associated gas.

The company holds 10% interest in the Libra Consortium, with the operator Petrobras (40%), Shell (20%), Total (20%) and CNPC (10%).

Mr. Chen Ming, President of CNOOC International Limited commented, “It is a great pleasure to see the Libra block reaching an important milestone, which is the result of our joint efforts with our partners, and we look forward to its better performance in the future.”

Mr. Yuan Guangyu, CEO of the company commented, “This year, the company has made great achievements in Brazil. In addition to the Libra block starting production, the company also has won the bid of ES-M-592 block in Espírito Santo basin and Alto de Cabo Frio Oeste block in Santos basin. These successes will help the company expand overseas business and lay a good foundation for future development.”

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