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Production Begins from Brazil’s Libra Field

Oil

Oil production has commenced from Brazil’s Libra field, operated by Petrobras and a consortium which includes Total, Shell and China’s CNPC and CNOOC, Reuters reports. The floating production, storage and offloading (FPSO) vessel Pioneer of Libra began operations at the field on Monday, with a daily capacity of 50K barrels. Total stated that a final investment decision on another FPSO with a capacity of 150K b/d would be made soon, while a third FPSO with similar capacity would follow soon after.

The Libra Field’s recoverable volumes are estimated at between 8 billion and 12 billion barrels.