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World class consortium to take on Brazil's Libra opportunity

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Report summary

A consortium consisting of Petrobras (40%), Shell (20%), Total (20%), CNPC (10%) and CNOOC Ltd (10%) has won the licence to develop Brazil's giant pre-salt Libra field. Just one bid at the minimum Profit Oil of 41.65% was enough to win.

What's included

This report contains

  • Document

    World class consortium to take on Brazil's Libra opportunity

    PDF 587.11 KB

Table of contents

    • A world-class opportunity for the winners
    • and a somewhat satisfactory result for the government
  • Attractive full-cycle economics
  • A challenging development
  • An impressive consortium has been assembled
  • Development risks and uncertainties drove limited interest
  • Future pre-salt bidding
    • Licensing round terms
    • Modelling assumptions

Tables and charts

This report includes 8 images and tables including:

Tables

  • World class consortium to take on Brazil's Libra opportunity: Table 1

Images

  • Valuation under different reserve scenarios
  • Sensitivity Analysis
  • Libra and the pre-salt Santos Cluster area
  • Base case Libra cumulative full cycle cash flow
  • Impact of project delay
  • Benchmarking Brazil PSC (Libra) in different deepwater regimes
  • Base case Libra capital expenditure and production

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