RIO DE JANEIRO, Aug 6 (Reuters) - Brazil's state-run oilcompany Petroleo Brasileiro SA said on Wednesdaythat the consortium that won the rights to tap the giantoffshore Libra prospect has begun to drill its first exploratorywell.
The consortium led by Petrobras, with a 40 percent stake,includes France's Total SA and Anglo-Dutch Royal DutchShell Plc with 20 percent each, and China's NationalPetroleum Corp and CNOOC, each with 10percent.
Petrobras said the well known as 3-RJS-731 is the first oftwo planned in the initial exploration phase and will reach adepth of 5,850 meters. Libra is the biggest oil reservediscovered in Brazil, holding an estimated 8 billion to 12billion barrels of oil.
The first exploration program will be completed by the endof 2017, Petrobras said. The consortium hopes to enterproduction in 2020.
Petrobras said earlier this year that the consortium plansto invest $400 million to $500 million in Libra this year. (Reporting by Juliana Schincariol; Editing by Lisa Shumaker)
