Petrobras, partners in Libra see break-even price at $35 per barrel

U.S. Regulatory News

Reuters Staff

SAO PAULO, May 2 (Reuters) - State-controlled Petróleo Brasileiro and partners in Brazil’s massive offshore prospect Libra are taking a series of steps to improve efficiency that could help them target a break-even price for oil of $35 a barrel.

In a Tuesday securities filing, Petrobras said those efforts -- taken jointly with Royal Dutch Shell Plc, Total SA , CNPC and CNOOC -- could help reduce development costs of the fourth phase of Libra by 30 percent, if successfully implemented. (Reporting by Guillermo Parra-Bernal; Editing by Sandra Maler)