Brazilian oil firm Petrobras and its partners plan to dissolve the part of the Libra block in the Santos Basin offshore Brazil.

The Brazilian state oil sector regulator National Agency of Petroleum, Natural Gas and Biofuels (ANP) has been notified of the devolution of the south-east area of the Libra block.

Petrobras said that the Libra block’s south-east area, which is said to be a distinct compartment from the other ones, has been anticipated as a low potential area since the start of the assessment.

Following completion of the data analysis, Petrobras confirmed that the south-east area of the block was an area of low potential.

In a press statement, Petrobras said: “The devolution is in accordance with the Discovery Evaluation Plan (PAD) of well 3-BRSA-1267-RJS, which covers the central and south-east areas of the Libra block, remaining after the Declaration of Commerciality of the north-west area of Libra that originated the current Mero field, the third-largest producing field of the pre-salt.”

The Libra consortium partners plan to continue to undertake the exploratory phase of discovery evaluation in the Libra block area until March 2025.

Located in the BM S11 block of the Santos basin, approximately 200km south of Rio de Janeiro, the Libra field is estimated to hold recoverable resources between 7.9 and 15 billion barrels of oil.

The Libra block is under production sharing agreement to Libra consortium comprising Petrobras as the operator with a 40% stake.

Other consortium partners include Shell Brasil Petróleo (20%), Total E&P do Brasil (20%), CNODC Brasil Petróleo e Gás (10%) and CNOOC Petroleum Brasil (10%).

Additionally, the state-owned company Pré-Sal Petróleo (PPSA) has participation in the consortium as manager of the production sharing contract.