Development of Brazil 's ultra-deepwater oil fields in the pre-salt region is "sustainable" with international oil prices between $40 and $45 per barrel, the exploration and production director at state oil company Petroleo Brasileiro (PBR, PETR4.BR) said Monday.

The figure does not include the costs linked to infrastructure needed to deliver the oil to shore, Petrobras's Jose Formigli said during a conference call. But Petrobras's internal analysis remains well below the current level of international oil prices that remain above $100.

Mr. Formigli said that Petrobras continues to improve margins at the fields because of the high flow rates of pre-salt oil wells and lower costs to tap the fields, which were discovered below a thick layer of salt miles below the Atlantic Ocean seabed.

Petrobras, however, has not yet come up with a "break-even" point for development of the Libra field, which will be the first pre-salt field auctioned off under Brazil 's new production-sharing regime. Petrobras is obligated to operate the field on behalf of the government and hold a 30% stake. But the company will also adhere to conditions of the winning bidders, which will be determined by the amount of oil offered back to the government after development costs are paid.

"Everything will depend on the offer made by the winning consortium," Mr. Formigli said. Petrobras has been analyzing the tender and production-sharing contract in great detail to get an idea of investments and operation costs at the field, the executive added.
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