Brazil’s Petrobras said Monday that it will not be selling any portion of its stake in the giant Libra field, contrary to news reports last week.

The state-owned company confirmed that, while it’s moving ahead with $15.1 billion in planned divestments by the end of 2016, it will not be selling a stake in the offshore Santos Basin field.

“In view of this plan, the company is studying divestment opportunities in their various fields. But is not considering at this time, the sale of interest in the area of Libra,” Petrobras said.

The ultra-deepwater block holds an estimated 8 billion to 12 billion barrels of recoverable oil and gas equivalent.

As of October, Petrobras had drilled four wells as part of its Libra exploration campaign, with two wells in the block’s northeast area and two in the central area.

That same month, Petrobras’ executive manager for the Libra area Anelise Lara said the company has planned the first extended well test for the first quarter of 2017, while the pilot project is scheduled for 2020.

Petrobras serves as the operator for the Libra Consortium and holds a 40 percent stake.

Shell holds a 20 percent stake, France’s Total holds a 20 percent stake, China’s CNPC holds a 10 percent stake, China’s CNOOC holds a 10 percent stake and PPSA serves as contract manager.


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