Petrobras says Libra field costs will not delay other projects

RIO DE JANEIRO Mon Oct 28, 2013 8:45am EDT

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RIO DE JANEIRO Oct 28 (Reuters) - The cost of developing the giant offshore Libra oil field will not delay other projects in the portfolio of Brazil's state-run oil company Petroleo Brasileiro SA, Director of Exploration José Formigli Filho said on a phone conference on Monday.

Since Petrobras took a 40 percent stake in Libra, it has faced concern that development costs of about $100 billion over 30 years might strain a company with rising debt and an already huge $237 billion five-year investment plan.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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