A Petrobras-led consortium plans to spend between US $400 million and $500 million this year on activities that include seismic reprocessing and drilling two wells for the Libra oil field offshore Brazil, the company said in a news release.

The consortium, which includes Petrobras (40%), Shell (20%), Total (20%), CNOOC (10%), CNPC (10%), and Pré-Sal Petróleo S.A., approved the 2014 working and investment plan this week.

The two wells will be drilled starting in the second half of 2014 with plans for completion in the first half of 2015, the release said. Plans also include studies for the new seismic survey and an extended well test at the end of 2016.

The Libra production-sharing contract states that the exploratory phase will last four years.The minimum exploratory program to be implemented during this period includes a 3-D seismic survey of the entire block, two exploratory wells, and one extended well test, the release said.

The Libra oil field is located in the ultra-deep waters of the Santos basin presalt layer. With a total area of approximately 1,548 sq km (598 sq miles), it was discovered when well 2-ANP-0002ARJS was drilled in 2010.