TotalEnergies will invest in an offshore oil project in Brazil

Inspenet, January 17, 2023

The French company TotalEnergies has approved the final investment decision for the Lapa South-West oil development located in the Santos basin, 300 km off the coast of Brazil.

TotalEnergies operates the project with a 45% interest, in partnership with Shell (30%) and Repsol Sinopec (25%). Lapa South-West will be developed through three wells, connected to the existing Lapa FPSO located 12 km away and currently producing the northeastern part of the Lapa field since 2016.

Lapa South-West will increase production from the Lapa field by 25,000 barrels of oil per day, bringing total production to 60,000 barrels of oil per day, at the start of production, which is expected in 2025.

“This latest development is an important milestone for TotalEnergies in Brazil that will increase its operated production in the Santos pre-salt basin, a key growth area for the company. With its lean engineering approach and synergies with existing facilities, this project illustrates TotalEnergies’ strategy of focusing on low-cost, low-emission assets,” said David Mendelson, Senior Vice President of the Americas at TotalEnergies Exploration & Production.

This development represents an investment of approximately USD 1 billion.

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Photo: ShutterStock

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