Aug 21, 2020
Total, together with its partners, will invest in the third phase of the Mero project in the Libra Block, located 180 kilometers off the coast of Rio de Janeiro, in the pre-salt area of the Santos Basin.
Scheduled to start operating in 2024, Mero 3 FPSO1 will have the capacity to process 180 thousand barrels per day. It follows investment decisions for Mero 1, scheduled for 2021 and Mero 2 for 2023.
“The decision to invest in Mero 3, places Total in a new milestone in the development of oil resources in the Mero field – whose reserve is estimated at 3 to 4 billion barrels. Total is in line with the growth strategy in the Brazilian offshore, based on large projects that enable production at competitive and resilient costs in the face of volatile oil prices, ”said Arnaud Breuillac, President of Exploration and Production at Total.
The Mero field has been in pre-production since 2017 with the FPSO Pioneiro de Libra of 50 thousand barrels per day. The Libra Consortium is operated by Petrobras (40%) as part of an international partnership that includes Total (20%), Shell Brasil (20%), CNOOC Limited (10%) and CNPC (10%). Pré-Sal Petróleo (PPSA) manages the Libra Production Sharing Contract.
Concludes Breuillac: “The Mero project will contribute to the Group’s production from 2020 onwards, and we aim to produce 150,000 barrels per day in Brazil by 2025.”