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Brazil begins to exploit one of the largest oil reserves in the world

Brazil began to exploit the field of Libra, a gigantic deposit in very deep waters of the Atlantic Ocean whose reserves calculated between 8,000 and 12,000 million barrels locate it among the eight largest in the world, Petrobras oil company reported today.

Rio de Janeiro, Nov 27 (EFE) .- Brazil began to exploit the field of Libra, a gigantic deposit in very deep waters of the Atlantic Ocean whose reserves calculated between 8,000 and 12,000 Millions of barrels place it among the eight largest in the world, oil company Petrobras reported today.

The production in this reserve was started on Sunday with the installation of a vessel pioneer platform with the capacity to extract 50,000 barrels of oil daily and 4 million cubic meters of natural gas, according to a Petrobras statement, which is the operator of the consortium with rights to exploit the reserve.

The consortium that was awarded four years ago the rights to exploit the Libra field in a partnership contract with the State. Brazilian (which will keep 41.65% of all extracted and excluding production costs) is led by Petrobras (40%) and integrated by the multinationals Shell (20%) and Total (20 %) and the Chinese CNPC corporations (10%) and CNOOC Limited (10%).

The platform with which production was started was chartered by the Libra consortium to a risk association shared by the Brazilian Odebrecht Oleo e Gás (OOG) and the Teekay Offshore Partners, which will be the operator of the vessel, which has the capacity to operate in areas with deep of the sea of ​​up to 2,400 meters.

The pioneer platform positioned on this reserve located about 200 kilometers from the coast of Rio de Janeiro will begin the so-called Long Tests. Duration, by which the consortium will gradually develop the exploitation and may reach a production of about 30,000 barrels per day at the beginning of 2018.

This stage, which will extend for about a year, aims to evaluate the characteristics of the reserve, its productivity and its true potential, before the field of Libra begins to be exploited commercially.

Petrobras' forecast is that the only well to which the platform was connected, of the twelve that were already drilled, reaches a production of between 35,000 and 40,000 daily barrels.

Once the testing phase is over, Petrobras plans to put into operation in the field several exploitation platforms.

"Due to its magnitude, potential for production, good oil quality and high commercial value, Libra opens a new business opportunity in the deepwater exploitation industry, "Petrobras said in its statement.

Libra, located in the Santos basin, is a reservoir located in the pre-salt, the exploitation horizon that Brazil discovered in deep water below a layer of salt two kilometers thick and whose gigantic reserves can make the country one of the world's largest oil exporters.

Libra's extractable reserves were calculated by its operators in some 8,000 million barrels of oil, but the American techniques of projection raise them up to 12,000 million barrels.

In any of the cases, that volume locates Libra as the eighth largest oil field in the world, a list that, according to Forbes magazine, is headed by the Iranian Khuzestan deposit, with reserves of 100,000 million barrels.

Of the eight largest, six are located in the Middle East and the others are the Venezuelan Carabobo, sixth place with 15,000 million barrels, and the Brazilian Libra.

After the giant Brazilian reserve is located the Kashagan field, in the Caspian Sea and with reserves of 8,000 million barrels.

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