Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
(Alliance News) - TotalEnergies SE on Monday reported the start of production from the first development phase of the Mero field, offshore Santos Basin in Brazil.
Launched in late 2017, the first phase includes a floating production, storage and offloading unit with a production capacity of 180,000 barrels of oil per day. Mero will receive three more FPSOs between 2023 and 2025.
The Mero field is part of the Libra production sharing contract. Libra is located in the Santos basin, 170 kilometres south of Rio de Janeiro.
Shell PLC subsidiary Shell Brasil Petroleo Ltda also noted the news.
Shell Brasil and TotalEnergies both hold a 19.3% stake in Mero, with Petrobras the operator on a 38.6% stake and the remaining shareholders including CNPC, CNOOC Ltd and PPSA.
Shares in TotalEnergies closed down 0.5% at €46.98 in Paris on Monday.
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.