CNOOC Ltd. (00883.HK), as part of a consortium, has won a 35-year production sharing contract to develop an oilfield in Brazil, the company announced in an emailed statement Tuesday. CNOOC Ltd. holds a 10 percent stake in the consortium which includes Petróleo Brasileiro S.A., Royal Dutch Shell Plc, Total S.A. and China National Petroleum Corporation. The company will pay 1.5 billion Brazilian reais (US$700 million) as its 10 percent share in the contract signing bonus. The Libra pre-salt field, covering about 1,550 square kilometers with water depth of about 2,000 meters, is expected to yield 8 to 12 billion barrels of oil with a gross peak oil output of 1.4 million barrels per day, the company said.
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