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Total says Brazil's giant Libra oil field produces first oil
November 27, 2017 / 10:17 AM / 14 days ago

Total says Brazil's giant Libra oil field produces first oil

PARIS, Nov 27 (Reuters) - French oil and gas company Total said on Monday that oil was flowing for the first time from the giant Libra oil field in Brazil operated by Petrobras alongside a consortium that includes Shell .

Total said the 50,000 barrels-per-day capacity floating production, storage and offloading (FPSO) vessel Pioneiro de Libra had started pumping oil from the field, and will generate revenue while collecting data for subsequent development phases.

“Libra is a major asset in Total’s portfolio and fits into our strategy of investing in highly competitive projects with low break-even points,” Arnaud Breuillac, Total’s exploration and production president, said in a statement.

Brazil’s Petrobras has a 40 percent stake in the field. Total and Shell hold 20 percent each, while China’s CNOOC and CNPC hold 10 percent apiece. (Reporting by Bate Felix; Editing by Brian Love)

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