(MENAFN- Qatar News Agency) CNOOC Limited, China's largest offshore oil and gas producer, announced Tuesday it has jointly won a 35-year production sharing contract to develop a pre-salt oil discovery in Brazil's Libra oil field.
A statement on the company's website said that the company gained the bid as part of a consortium comprising Petrobras, Shell, Total SA and CNPC, according to China's (Xinhua) News Agency
The company holds a 10% stake in the winning consortium, with the operator Petrobras having a 40% stake, followed by Shell and Total with 20% each, and CNPC (China National Petroleum Corporation) with 10% , the statement said
CNOOC Limited will pay 1.5 billion Brazilian reais (around 700 million US dollars) for its 10% share, the statement said
The Libra field is located in the Santos Basin, about 170 km off the coast of Rio de Janeiro, Brazil
The oil field has recoverable resources of between 8 to 12 billion barrels of oil and total gross peak oil production could reach 1.4 million barrels per day, the statement said.
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