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China, India oil companies join Brazil pre-salt auction

20th September 2013

CNOOC, CNPC, Sinopec and ONGC among 11 oil and gas majors taking part in auction of giant Libra oil discovery

China, India oil companies join Brazil pre-salt auction
The tender for the giant Libra field will take place on 21 October

A total of 11 oil and gas companies have registered for Brazil’s 1st pre-salt round, the national petroleum, gas and biofuels regulator ANP announced on Thursday, as majors from China and India eye Brazil’s largest oil find in decades.

 

Aside from Petrobras, CNOOC, China’s largest offshore producer, along with the world’s second largest company by market capitalisation, China National Petroleum Corporation (CNPC), and India’s biggest explorer ONGC will all take part in the auction.

 

Other participants include Anglo-Dutch Shell, French Total, Petronas from Malaysia, a joint venture between Spanish Repsol and Chinese Sinopec, and Ecopetrol from Colombia.

 

The tender for the giant Libra field will take place on 21 October. The field is located in the pre-salt layer of the Santos Basin and holds an estimated oil volume of 26-42 billion barrels of oil, with expected recoverable reserves of 8-12 billion barrels, ANP has said. Libra is equal in potential to several of the country’s major discoveries put together.