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Petrobras and Its Partners Have Made the Investment Decision for the Second Phase of the Mero Project (Block Libra), Located 180 Kilometers Off the Coast of Rio de Janeiro, in the Pre-Salt Area of the Santos Basin in Brazil.
The Libra Consortium is operated by Petrobras (40%) as part of an international partnership, including Total (20%), Shell (20%), CNOOC Limited (10%), and CNPC (10%). Pré-Sal Petróleo (PPSA) manages the Libra Production Sharing Contract.
Total reported on Tuesday that the investment decision follows the start of production at the field in November 2017 (Early Production System) and the launch of the first phase of the project (Mero 1) approximately a month later.
The Mero 2 FPSO will have a liquid treatment capacity of 180,000 barrels per day and is expected to start in 2022, Total said.
“The decision to launch Mero 2 comes as a new milestone in this large-scale project that will develop the giant petroleum resources of the Mero field, estimated at 3 to 4 billion barrels,” said Arnaud Breuillac, President of Exploration and Production at Total.
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“The Libra Consortium can leverage the excellent productivity of the field to develop a large oil project with technical costs below 20 dollars per barrel and low breakeven point. The Mero project will contribute to the Group’s production growth starting in 2020. Once the full potential of the field is developed, production should reach over 600,000 barrels per day.”
The Pioneiro de Libra FPSO, which has a capacity of 50,000 bopd and began operations in 2017, is producing as expected, providing valuable information about the field, reservoir, and well productivity.
The Mero 1 project, currently under development, is progressing as planned, with a start-up scheduled for 2021.
Following the launch of Mero 2, the project is expected to add two more FPSOs with the same capacity, subject to partners’ approval. All four production units will be deployed in the northwestern part of the Libra block (Mero field), with the central and southeastern panels to be explored by 2020.
Petrobras signed a letter of intent with SBM Offshore for a 22.5-year contract and operation of the Mero 2 FPSO, to be deployed in the Mero field in the Santos Basin off the Brazilian coast. SBM Offshore will design and build the Mero 2 FPSO using its Fast4Ward standardized hull program.
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