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Libra Consortium Signs Letter of Intent for First FPSO

Source: 10/9/2014, Location: South America

Libra consortium has signed a letter of intent with Odebrecht / Teekay (GRB-Teekay), winner of a bidding process, to charter one FPSO unit (which produces, stores and offloads oil) designed for the long-term campaign of Libra, in the pre-salt Santos Basin tests.

Delivery of FPSO and the beginning of the first long-term test is scheduled for the fourth quarter of 2016. The forecast is that tests are performed in several areas of the block, with the objective of evaluating the behavior of production and acquire information about the area. From this information, will be projected future definitive production systems for Libra.

For each of these tests, two wells will be connected to the FPSO: a producer of oil and one gas injector. These long-term tests will be the first in the global oil industry to adopt a system with reinjection of gas. The platform will have the capacity to process up to 50,000 barrels of oil per day and a gas injection capacity of 4 million m3 / day. Most of the volume of gas produced will be reinjected into the reservoir to maintain pressure and a small portion is consumed during operation. The FPSO will be operated by the company to be formed by Teekay and Odebrecht.

Two wells being drilled intensively following the work to begin production in Libra, one of the greatest discoveries ever made in Brazil. Addition to signing the letter of intent for the charter of the FPSO, the consortium has started drilling two wells in the block. located in the Santos Basin, 183 kilometers from the Rio de Janeiro coast, Libra has 1,500 square miles, a little more than the length of the entire city of Rio de Janeiro. According to the National Agency of Petroleum, Natural Gas and Biofuels (ANP), recoverable reserves of oil and gas in the area are estimated between 8 and 12 billion barrels of oil equivalent (boe).

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