Marine Technology Reporter Blogs - boe

The Franco pre-salt field, which is located southwest of the massive Libra field that will be auctioned in October 21st, originally had been forecast to contain 3 billion barrels boe of recoverable light oil. In light of new studies, the Franco pre-salt field is now believed to contain recoverable oil volumes equal to or superior to the Libra pre-salt field, something hovering around 10 billion barrels boe. This is excellent news for Petrobras, which is in the process of making major exploratory, production and infrastructure investments and desperately needs new capital. The reason it being excellent news has nothing to do with oil auction…

As the time for the first pre-salt bidding round approaches, solid data begins to appear related to production forecasts and assets needed for the field’s development. Brazil’s National Petroleum Agency (ANP) has confirmed that the first pre-salt bidding round will take place in October 2013 in Rio de Janeiro and the rules concerning it have already drawn criticism from potential operators. ANP maintains that these rules will not be changed and has come forth with information concerning the field’s development. According to thr ANP, Libra is expected to produce first oil in 2018, that is, 5 years after the winning consortium signs the E&P contract for Libra. This contract will be signed by November 2013.