Greenlight for Giant Mero Field Development Phase 4
TotalEnergies (NYSE: TTE) has announced that it and its partners have taken the investment decision for the fourth phase of the Mero project, located deep offshore Brazil in the pre-salt area of the Santos Basin.
The fourth phase of the development comprises the Mero 4 Floating Production Storage and Offloading (FPSO) unit, which will have a liquid treatment capacity of 180,000 barrels per day and is expected to start up by 2025, TotalEnergies outlined. The Mero 4 FPSO greenlight follows investment decisions for the Mero 1 FPSO, which is expected to start up in 2022, the Mero 2 FPSO, which is expected to start up in 2023, and the Mero 3 FPSO, which is expected to start up in 2024. The Mero 1, 2, and 3 FPSOs all have a liquid processing capacity of 180,000 barrels per day.
“The decision to launch Mero 4 marks the last milestone in the large scale development of the Mero oil resources,” Arnaud Breuillac, the president of exploration and production at TotalEnergies, said in a company statement.
“This giant project is in line with TotalEnergies’ growth strategy in Brazil which is to produce oil at a competitive cost out of world class fields while limiting CO₂ emissions to a strict minimum,” he added in the statement.
The Mero field has been in pre-production since 2017 with the 50,000 barrel per day Pioneiro de Libra FPSO. The Libra Consortium is operated by Petrobras, which holds a 40 percent stake, TotalEnergies, which holds a 20 percent interest, Shell Brasil, which holds a 20 percent interest, CNOOC Limited, which holds a 10 percent stake, and CNPC, which holds the remaining 10 percent interest. Pre-Sal Petróleo (PPSA) manages the Libra Production Sharing Contract.
TotalEnergies has been present in Brazil for over 40 years, according to the company’s website, which notes that the business has more than 3,000 employees in the country. TotalEnergies Exploration and Production’s portfolio in Brazil currently includes 12 blocks. The company’s production in the country averaged 35,000 barrels of oil per day in 2020.
The Santos basin is the largest offshore sedimentary basin in Brazil with a total area of over 135,000 square miles, Petrobras highlights on its website. The first investments in exploration and production studies for the basin date back to the 1970s, according to Petrobras.
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