CNOOC Says Libra Block In Brazil Starts Production - Quick Facts

(RTTNews) - CNOOC Limited (CEO, CNU.TO) announced Monday Libra block in Brazil has already started production.

The Company holds 10% in the Libra Consortium, with the operator Petrobras with 40% stake, Shell with 20%, Total with 20% and CNPC with 10% stake.

The Libra block is located approximately 180 kilometers off the Rio de Janeiro coast. The block had its first oil produced with the Pioneiro de Libra FPSO, destined to extended well tests.

Pioneiro de Libra has a daily operational capacity rate up to 50,000 barrels of crude oil and 4 million cubic meters of associated gas.

Yuan Guangyu, CEO, said, "This year, the company has made great achievements in Brazil. In addition to the Libra block started production, the Company also has won the bid of ES-M-592 block in Espírito Santo basin and Alto de Cabo Frio Oeste block in Santos basin. These successes will help Company expand overseas business and lay a good foundation for future development."