Block sets collaborative model for whole company; extended well tests to take place in three parts of northwest portion by 2020

Petrobras and its partners plan to start up a production system to carry out extended well tests in three parts of the northwest portion of the Libra area and a pilot project by 2020, when the block’s data acquisition phase will end. Four definitive production systems will then be installed in the northwest area. The first is scheduled to come on line in September 2020, to be followed by the others in June 2021, October 2022 and April 2023. The wells and subsea components of these systems will be sized in line with the results obtained in extended well testing, scheduled to begin next year. This information was given by Libra’s executive manager, Fernando Borges, who earlier today (Thursday, October 27) gave a talk at a special session at Rio Oil & Gas 2016.

In June of this year, the consortium finished drilling and evaluating the area’s seventh well, which found the thickest oil column (net pay) so far discovered in the block, 410 meters wide. In his talk, Borges also revealed that completion of the first production well was concluded five days ago.

According to the executive, the format of collaborative multidisciplinary work adopted for the area has made analysis and decision making faster. “The presence of partners on our team, unprecedented at Petrobras, brings us new perspectives, enriches our results and makes the project more robust,” he said. Petrobras holds 40% of the block, alongside its partners Shell (20%), Total (20%), CNPC (10%) and CNOOC (10%). Construction work on Pioneiro de Libra, which will be the first floating production, storage and offloading vessel (FPSO) to be deployed in the area, is just over 80% complete. “In terms of our timeline, we have done a lot in these 2 years and 10 months,” Borges said. The Libra area was the first concession granted under Brazil’s production sharing regime.

In Borges’ view, in order to maximize value, the consortium needs to focus on several drivers, and the first one is to accelerate commercial production as much as possible: “We have a tremendous challenge to make Libra’s development financially viable for the consortium.”