Total to Develop Libra Project in Offshore Brazil
December 18 2017 - 6:12AM
Dow Jones News
By Nathan Allen
France's Total SA (FP.FR) said Monday that it has taken a final
investment decision to progress to the next stage of development in
its deep offshore Libra project in Brazil.
Total said it plans to deploy a floating production, storage and
offloading unit, or FPSO, with a production capacity of 150,000
barrels of oil a day at the project, which is located around 180
kilometers off the coast of Rio de Janeiro.
"We have worked with Petrobras [Petroleo Brasileiro SA (PBR)],
the operator, and our partners to secure technical costs below 20
dollars per barrel," said Arnaud Breuillac, Total's president for
exploration & production.
The company has been producing oil at the Libra project since
November via a 50,000 barrel a day FPSO to appraise the field and
generate early revenue, according to Total.
In the long term, Total expects to add three further vessels to
reach a total production volume of 600,000 barrels a day, the
company said.
Petrobras leads the Libra consortium and holds a 40% stake in
the venture, while Total and Royal Dutch Shell PLC (RDSA.LN) each
hold 20%. China's CNPC and CNOOC Ltd. (0883.HK) both hold 10%
stakes.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
December 18, 2017 05:57 ET (10:57 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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