Lapa South West: French Energy Giant TotalEnergies Approves $1 Billion FID For Oil Development Project In Brazil, “A Major Milestone” For Oil And Gas Production In Growth Area For The Company

Written by Bruno Teles

Published on 17/01/2023 at 09:34

Gigante francesa de energia aprova FID para um projeto de desenvolvimento de petróleo no Brasil, “um importante marco” para a produção de petróleo e gás em importante área de crescimento para a empresa (Foto/divulgação)

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The TotalEnergies Exploration & Production, French energy giant with several operations in the Santos Basin, announced on Monday (16) that it has approved a final investment decision, known in the sector as FID. The oil and gas development project in Brazil will take place in an area 300 km off the Brazilian coast. The Lapa South West project will be developed by the company in partnership with two other large operators, Shell, which will participate with 30% of the consortium, and Repsol Sinopec, with 25%. The French player participates with 45% of the operations. Production is expected to begin in 2025, increasing the Lapa field’s output from 25 to 30 thousand barrels of oil per day (bud).

This operation is part of a series of initiatives aimed at the company’s major strategy to increase oil production in Brazil in the short term. Thus, it will be possible to take advantage of high barrel prices. Since the beginning of January, Brent oil has been quoted, on average, at US$ 80, and TotalEnergies is attentive to this. The expected return timeframe is 12 to 18 months.

According to the company’s Senior Vice President for the Americas, David Mendelson, “this latest development is an important milestone for TotalEnergies in Brazil, which will increase its operated production in the pre-salt of the Santos Basin, a significant growth area for the company,” said Mendelson. He continued, “with its efficient engineering approach and synergies with existing facilities, this project illustrates TotalEnergies’ strategy to focus on low-cost, low-emission assets,” he concluded.

There are three wells connected to an Floating Production, Storage and Offloading Unit (FPSO) located 12 km away. The Lapa South-West project has been developed since 2016 to produce oil and gas in the northeastern part of the Lapa field, representing an investment of nearly US$ 1 billion.

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Commitment Is The Word

This is how TotalEnergies EP positions itself in Brazil regarding the national oil and gas industry. Since its arrival in the country, the oil company has significantly expanded its presence. With established operations and investments, its activities demonstrate long-term commitments to Brazil. The company is also emerging as one of the leading international producers of national oil and gas. It has already set goals for the next two years, aiming to produce 150 thousand bpd by 2025.

Lapa South West: French Energy Giant TotalEnergies Approves $1 Billion FID For Oil Development Project In Brazil, “A Major Milestone” For Oil And Gas Production In Growth Area For The Company

Commitment Is The Word

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Lapa South West: French Energy Giant TotalEnergies Approves $1 Billion FID For Oil Development Project In Brazil, “A Major Milestone” For Oil And Gas Production In Growth Area For The Company

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