Libra@35 - Bringing the Project Break Even to US$ 35/bbl

Abstract

Having a resilient break-even price is essential for deep-water development projects due to all the technical uncertainties inherent to the O&G business and, because of the oil price volatility, especially in recent times. To cope with this permanent threat, the Libra Consortium envisaged, structured and implemented a consortium corporate program called Libra@35. The programs’ main objective is to reduce the projects break-even prices to US$ 35/bbl, by improving the recovery factor and /or reducing costs. This paper describes the Libra@35 methodology and procedures, explaining how the program has helped Libra optimize its projects on a continuous basis through a structured and rigorous methodology. Additionally, it presents the beneficial results and impacts achieved to date. To finalize, the paper discloses the Consortium's future objectives for this successful Program and how it is structured to assist in shaping Libra's projects of tomorrow.