RIO DE JANEIRO, Sept 16 (Reuters) - Brazil's biggest oilfield Libra, located off the coast of Rio de Janeiro, will cost$80 billion to develop, an executive at consortium member Total said on Tuesday.
Libra, in the Santos Basin, contains an estimated 8 billionto 12 billion barrels of oil.
"(Libra) will give us a return on our investment for manydecades," Ladislas Paszkiewicz, Total's vice president forexploration and production in the Americas, said at a conferencein Rio de Janeiro.
Paszkiewicz did not offer any further details on thefinancial plans for the project.
The Libra consortium is led by state-run oil firm PetroleoBrasileiro SA, or Petrobras, with a 40 percent stake.Total and Royal Dutch Shell Plc both have 20 percentwhile China's National Petroleum Corp and CNOOC have 10 percent each. (Reporting by Marta Nogueira; writing by Stephen Eisenhammer;editing by Matthew Lewis)