China’s leading offshore oil and gas producer, CNOOC, announced that the company has jointly won a 35-year production sharing contract to develop an oil field in Brazil.

The company holds 10% in the winning consortium, jointly with the operator Petrobras (40%), Shell (20%), Total (20%) and CNPC (10%).

The Libra field is located in the Santos Basin, about 170 km off the coast of Rio de Janeiro. The oil field has recoverable resources of between 8 to 12bn barrels of oil, and total gross peak oil production could reach 1.4m barrels per day, according to the company’s statement.