Brazil: Total Launches Large-Scale Development of the Giant Libra Field
18 Décembre 2017 - 11:33AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces that it has
taken the investment decision for the first large-scale development
phase of the Libra project, located deep offshore, 180 kilometers
off the coast of Rio de Janeiro, in the pre-salt area of the Santos
Basin in Brazil.
This phase, consisting of a floating production storage and
offloading (FPSO) unit with a production capacity of 150,000
barrels of oil per day and 17 wells, will be deployed in the
Northwestern part of the block.
“The decision to launch the large-scale development of the Libra
field is a major step for Total in Brazil. We have worked with
Petrobras, the operator, and our partners to secure technical costs
below 20 dollars per barrel. This proves that we are capable of
developing competitive deep offshore projects”, declared Arnaud
Breuillac, President Exploration & Production of Total.
“Following startup of the Early Production System in November, this
investment decision further strengthens our portfolio of projects
under construction and feeds our production growth post-2020.”
First oil started flowing from the Libra field in November with
the start-up of the Pioneiro de Libra, a 50,000-barrel-per-day FPSO
early production phase to further appraise the field and generate
early revenue. As the next step in the field development, the new
“Mero 1” FPSO is expected to come on stream in 2021. In the coming
years, this development will continue with the addition of at least
three other FPSO’s to fully exploit the potential of the field,
with a production that should reach more than 600,000 barrels per
day.
The Libra Consortium is led by Petrobras (40%) in partnership
with Total (20%), Shell (20%), CNOOC Limited (10%) and CNPC (10%).
Pré-Sal Petróleo (PPSA) manages the Libra Production Sharing
Contract.
Total in Brazil
Total has been present in Brazil for over 40 years, has more
than 2,800 employees there and operates through five affiliates in
the exploration and production, gas, lubricants, chemicals and
renewable energies segments.
Total Exploration & Production’s portfolio currently
includes 15 assets, located in the Campos, Santos, Barreirinhas,
Ceará, Espirito Santo, Foz do Amazonas and Pelotas basins.
In February 2017, Total and Petrobras signed agreements covering
a number of upstream and downstream assets in Brazil, cementing the
Strategic Alliance announced in December 2016. Under that deal,
Total will hold a 22.5% stake in the Iara concession area in Block
BM-S-11 and a 35% stake in and operatorship of Block BM-S-9 in the
Lapa field concession, which came on stream in December 2016.
Additionally, technical cooperation between the two companies will
be strengthened, particularly through joint appraisal of the
exploration potential in promising areas in Brazil and through the
development of new technologies, particularly in the deep offshore.
The transaction is subject to approvals by the relevant regulatory
entities.
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company, a major player in
low-carbon energies. Our 98,000 employees are committed to better
energy that is safer, cleaner, more efficient, more innovative and
accessible to as many people as possible. As a responsible
corporate citizen, we focus on ensuring that our operations in more
than 130 countries worldwide consistently deliver economic, social
and environmental benefits.
* * * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total” and “Total Group”
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
“we”, “us” and “our” may also be used to refer to subsidiaries in
general or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
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