Report: Total to spend $1B per year in Brazil

Report: Total to spend $1B per year in Brazil

Total E&P do Brasil, a Brazilian arm of the French oil major Total, reportedly plans to invest around $1 billion per year in Brazil. 

According to a report by Reuters on Monday, Total’s Brazilian operations head, Maxime Rabilloud, told Brazilian financial newspaper Valor Econômico the company plans to invest $1 billion annually in the Latin America’s largest economy.

The statement comes days after Total announced its decision to enter two Petrobras’ pre-salt field, Iara and Lapa, including taking over operatorship of the latter, for $2.2 billion.

Namely, the pair last Wednesday signed an assets package agreement in the framework of their strategic alliance announced in October 2016 where the two companies agreed to cooperate on upstream as well as downstream projects in Brazil and internationally.

The Lapa field, in the Santos Basin off Brazil, started oil production and natural gas production last Monday.

Offshore Energy Today Staff

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