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CNPC in Brazil

CNPC began its oil and gas operations in Brazil in 2013. The company participates in the development of Libra oilfield as a part of a consortium with a 10% interest.

  • Oil and Gas Operations

On December 2, the consortium comprised of CNPC, Petrobras, Shell, Total and CNOOC signed a production sharing contract to develop Brazil’s offshore Libra oilfield, with CNPC holding 10% in the consortium. This indicates that CNPC has launched deep water oil and gas cooperation in South America.

The Libra block is located in Santos Basin ultra-deep waters in the pre-salt polygon, about 180km off the coast of Rio de Janeiro. Covering approximately 1,550km2 in water depths of 2,000-2,200m, the block is one of the world's largest ultra-deep water accumulations. The Brazilian regulator ANP estimates Libra's recoverable resources of between 8 to 12 billion barrels of oil and the total gross peak oil production could reach 1.4 million barrels per day.

Major oil and gas discoveries have been achieved in five wells out of the six wells drilled since the consortium started operation. As the overall development plan for the oilfield rolls out, first oil is expected to be tested in early 2017, and pilot production will begin in April 2019. The oilfield is expected to be officially put into production in 2022, and reach its designed capacity in 2024.

In 2015, by deploying key exploration wells, we obtained a high-yield oil flow from the first deep-water subsalt exploration well in two formations being tested in our Libra project in Brazil. The flow essentially proved an uncompartmentalized oilfield with a reserve of 500 million tons in the western Libra structure

In 2016, well tests resulted in a high yield from the northwest section of the Libra Block, A giant uncompartmentalized oil prospect with proven oil in place of 1.2 billion tons was basically confirmed.