Petrobras awarded 40% stake in Libra oil field

Oct 21, 2013 12:00 AM

Oil company Petroleo Brasileiro, commonly referred to as Petrobras, has won a 40% stake in the controversial Libra oil field in Brazil. The auction process was hotly contested by Petrobras workers who picketed over international firms bidding for a majority stake.

Brazilian state-run Petrobras will lead a consortium including Royal Dutch Shell, Total, China National Petroleum (PTR) and China National Offshore Oil Corporation (CNOOC). Shell and Total each have a 20% stake while PTR and CNOOC both hold 10%.

Libra, located 140 miles off the coast of Rio de Janeiro, is one of the world's largest offshore oil discoveries and has an approximate 8-12 billion barrels of recoverable resources available to be mined. The Brazilian government will reap 41.65% of profits on surplus oil (that is, oil mined after the companies have broken even on initial investments).

 

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