Regions

According to an official from the Brazil's corporate regulatory authority, it is expecting 15 billion reais or US$7 billion from any entity or group that wants to rights over the Libra, the country's largest oil find. The said oil find is up for auction by October.

There is an estimated 12 billion barrels of recoverable oil in Libra. This is estimated to meet the US oil demand for about a year and a half. It is currently the largest oil prospect find that has been put up for auction.

According to schedules, production is set to begin within the next five years. The new bid amount has been set from the initial US$4.6 billion had set for the site.

Brazil estimates that production would reach 1 million barrels per day for Libra, according to Magda Chambriard, the Directo General for the National Agency for Petroleum, Natural Gas and Biofuels. The numbers were shared by Chambriard on the sidelines of an energy industry conference held in Singapore last Thursday.