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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