Total and Consortium Partners Launch Phase Three of Mero Project in Brazil
August 17 2020 - 2:37AM
Dow Jones News
By Olivia Bugault
Total SE said Monday that the company and its consortium
partners have made the investment decision for phase three of the
Mero project (Libra block) located 180 kilometers off the coast of
Rio de Janeiro, Brazil.
The Mero 3 floating production storage and offloading, or FPSO,
should start up by 2024 and will have a liquid treatment capacity
of 180,000 barrels per day, Total said.
The oil resources of the Mero field are estimated at three
billion to four billion barrels, the French oil-and-gas company
said.
"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," it
said.
The Mero project will contribute to Total's production from 2020
onward as it targets a production of 150,000 barrels per day in
Brazil by 2025, the company said.
The Libra consortium which operates the production on the Libra
block is led by Petroleo Brasileiro S/A, which holds a 40% stake,
and includes Total and Shell Brazil with a 20% stake each, as well
as CNOOC Limited and CNPC, Total said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
August 17, 2020 03:22 ET (07:22 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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