To support Brazil and to build strong partnerships, CNOOC International joined the Brazilian Institute of Petroleum and sits on the Exploration & Production (E&P) Extended Board of Directors. The Institute’s primary focus is on E&P and they actively engage in regulatory, tax, environmental, supply chain and other issues surrounding E&P activities. Being involved in the Institute as a key player, CNOOC International can be at the pulse of key topics and further strengthen relationships with industry partners.
To help reduce costs around field development in ultra-deepwaters like Libra, CNOOC International and its partners created a cost controlling program called Libra@35. The program, which aims to achieve a breakeven price of $35 per barrel, looks at ways to better use technology around separator pressure and FPSO construction. So far, over 200 initiatives have already been raised, analyzed and ranked, with 70 prioritized and being implemented.
The Libra@35 program has received a positive response from the industry and was highlighted by Petrobras at the Oil and Gas Conference held in Rio de Janeiro in October 2017.