Total plans $3.34B investment in Brazil’s upstream
French oil major Total expects to invest BRL 15 billion ($3.34 billion) in Brazil’s oil and gas industry in the next five years, a Brazilian newspaper reported on March 2.
Total’s Exploration and Production chief, Arnaud Breuillac, told the Valor Econômico newspaper the company plans to spend between $600-700 million per year through 2024. The goal is to boost its oil production in the country to an average of 150,000 barrels per day, from 40,000 Bpd currently.
The company operates the Lapa field in the Block BM-S-9A, and owns interests in several other producing fields such as the ultra-deep Libra field, renamed Mero since 2017; and the Lara field – both located in the prolific pre-salt Santos Basin.
In terms of exploration, Total holds shares in the Gato do Mato license, Itaipu and Wahoo fields; as well as interests in 17 exploration sites in the basins of Barreirinhas, Ceará, Espirito Santo, Foz do Amazonas and Pelotas.
Source: Kallanish Energy
Published: 04-03-2020
