Brazil: Total Launches Phase 3 On the Giant Mero Field Development
August 17 2020 - 2:15AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and its partners have
taken the investment decision for the third phase of the Mero
project (Libra block), located deep offshore, 180 kilometers off
the coast of Rio de Janeiro, in the prolific pre-salt area of the
Santos Basin.
The Mero 3 FPSO1 will have a liquid treatment capacity of
180,000 barrels per day and is expected to start up by 2024. It
follows investment decisions for Mero 1 (startup expected in 2021)
and Mero 2 (startup expected in 2023) FPSOs, both of which have a
liquid processing capacity of 180,000 barrels per day.
“The decision to launch Mero 3 marks a new milestone in the
large-scale development of the vast oil resources of the Mero field
– estimated at 3 to 4 billion barrels. It is in line with Total's
growth strategy in Brazil’s deep-offshore, based on giant projects
enabling production at competitive cost, resilient in the face of
oil price volatility,” said Arnaud Breuillac, President
Exploration & Production at Total. “The Mero project will
contribute to the Group’s production from 2020 onwards, and we are
targeting a production of 150,000 barrels per day in Brazil by
2025. ”
The Mero field has been in pre-production since 2017 with the
50,000-barrel-per-day Pioneiro de Libra FPSO. The Libra Consortium
is operated by Petrobras (40%) as part of an international
partnership including Total (20%), Shell Brasil (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 and has more
than 3,000 employees in the country. The Group operates in all
segments: exploration and production, gas, renewable energies,
lubricants, chemicals, and distribution.
Total Exploration & Production’s portfolio currently
includes 24 blocks, with 10 operated. In 2019, the Group’s
production in the country averaged 16,000 barrels of oil per day.
In October 2019, a consortium led by Total was awarded Block
C-M-541, located in the Campos Basin, in the 16th Bidding Round
held by Brazil’s National Petroleum Agency (ANP).
In 2017, Total and Petrobras formed a Strategic Alliance
encompassing exploration and production and gas, renewables and
power activities. Through the Alliance, the two groups are
implementing R&D projects on topics such as artificial
intelligence leading to efficiency gains, with direct applications
in Brazil. Total entered the fuel distribution market in Brazil
with the acquisition in December 2018 of Grupo Zema’s distribution
activities. Total thus owns a network of 280 service stations, as
well as several storage facilities for petroleum products and
ethanol.
About Total
Total is a broad energy Group, which produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner
and accessible to as many people as possible. Active in more than
130 countries, our ambition is to become the responsible energy
major.
* * * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL SE directly or indirectly owns investments are separate legal
entities. TOTAL SE 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 SE
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 SE 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.
1 Floating Production Storage and Offloading (FPSO)
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