Brazilian oil company Petrobras, as a leader of the Libra consortium operating the Libra offshore area in Brazil, on Friday said the consortium had informed the national regulator of the "devolution" of the part of the block.
Petrobras, on behalf of partners Shell, Total, CNDOC, and CNOOC, notified the National Agency of Petroleum, Natural Gas and Biofuels (ANP) of the devolution of the Southeast area of the Libra block, in the Santos Basin.
"Since the beginning of the evaluation activities of the Libra block, the Southeast area, a distinct compartment from the other ones, was identified as an area of low potential. The conclusion of the obtained data analysis confirmed this expectation," Petrobras said.
The oil company said that the devolution was in accordance with the Discovery Evaluation Plan (PAD) of well 3-BRSA-1267-RJS, which covers the Central and Southeast areas of the Libra block, remaining after the Declaration of Commerciality of the Northwest area of Libra that originated the current Mero field, the third-largest producing field of the pre-salt area.
The exploratory phase of discovery evaluation of this area will continue until March 2025, Petrobras said.
Offshore Engineer reached out to Petrobras, seeking more info on what the devolution meant for the consortium partner, in practical terms.
We will update the article with any response we may receive.