OilPrice.com Premium Analysts:
6 key oil & gas discoveries of 2013: Who’s worth owning
Santos Basin/Libra, Brazil
In May, Petrobras doubled the estimate for its Libra field to 12-15 billion barrels. This makes it Brazil’s largest ever discovery. Brazilian officials say it could easily produce a million barrels of oil per day once it is fully developed—that’s TWICE the output of OPEC-member Ecuador. Production could begin in five years, with plans for up to 12-18 production vessels permanently anchored on the field, each of them pumping up to 30,000 barrels per day. For state-run Petrobras, which owns the field, it means more expenditures and more debt (and it’s already drowning). The answer: Petrobras is taking the show on the road, preparing to offer foreign investors up to a 30% stake in this amazing prospect. (The Libra auction will take place in October, and 70% of the field will be up for grabs).
Read the full report here.
