Latest news with #SantosBasin
Reuters
29-05-2025
- Business
- Reuters
Portugal's Galp eyes 40% oil output rise in Brazil with new field
LISBON, May 29 (Reuters) - Portugal's Galp ( opens new tab expects to boost its oil and gas production in Brazil by around 40% over the next few years, when the promising offshore field Bacalhau reaches peak output, executive board member Nuno Bastos told reporters. Galp produces 110,000 barrels of oil equivalent per day (boepd) in Brazil through a 70%-30% joint venture with China's Sinopec ( opens new tab, , which has stakes in several projects. The JV owns 20% of the Bacalhau field in the Santos Basin, where a floating production, storage and offloading (FPSO) vessel, with a daily capacity of 220,000 barrels, arrived in February. Norwegian energy company Equinor ( opens new tab, which holds a 40% stake and the operatorship of Bacalhau, expects the FPSO to start producing the first barrels in the third quarter. "Once the FPSO reaches plateau over the next few years, Galp's production in Brazil will increase by around 40%," Bastos, who heads the upstream business, told reporters on the sidelines of an energy conference late on Wednesday. It took 11 months for another FPSO in the Tupi-Iracema field, in the same basin, to get from the first oil to its maximum steady production capacity of 150,000 boepd, and in Bacalhau it should take longer as in this case the plateau is 220,000 boepd. "We are working to make it as fast and efficient as possible," he said, without committing to an exact date. Equinor estimated that the field holds more than 1 billion barrels in recoverable reserves for its first development phase. U.S. oil major ExxonMobil (XOM.N), opens new tab holds the remaining 40% of Bacalhau.
Yahoo
26-05-2025
- Business
- Yahoo
CNOOC Limited Announces Mero4 Project Commences Production
HONG KONG, May 26, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Mero4 Project has commenced production safely at May 24 Brazil time. Mero field is located in the Santos Basin pre-salt southeastern offshore Brazil, about 180 kilometers away from Rio de Janeiro, in a water depth of between 1,800 and 2,100 meters. Mero4 Project will be developed by the traditional deep-water Pre-salt development mode, FPSO+Subsea. 12 development wells are planned to be commissioned, including 5 oil producers, 6 water or gas alternate injectors, 1 convertible well. In order to maximize production, the wells are equipped with intelligent well completion technology, which enables the remotely switching between production and injection wells via platform. The FPSO used in Mero4 is one of the largest FPSOs in the world, which was integrated in China in December 2024 and arrived at the oilfield in March 2025. The FPSO is able to produce up to 180,000 barrels of crude oil, process 12 million cubic meters of natural gas per day and inject 250,000 cubic meters of water, which will increase the installed production capacity of Mero field to 770,000 barrels of crude oil per day. To implement the concept of green and low carbon development, Mero4 project is also equipped with resources to operate the HISEP (High Pressure Separator), which allows underwater separation between the extracted oil and the associated gas and reinject the gas into the reservoir. The HISEP will simultaneously boost production and reduce emission. CNOOC Petroleum Brasil Ltda, a wholly-owned subsidiary of CNOOC Limited, holds 9.65% interest. Petrobras is the operator and has 38.6% interest, TotalEnergies holds 19.3% interest, Shell Brasil holds 19.3% interest, CNPC holds 9.65% interest, and Pré-Sal Petróleo S.A –PPSA holds 3.5% as the Federal Union representative in non-contracted areas. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel：+852 5540 0725Fax：+852 2111 1103Email： View original content to download multimedia: SOURCE CNOOC Limited Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-05-2025
- Business
- Yahoo
CNOOC Limited Announces Mero4 Project Commences Production
HONG KONG, May 26, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Mero4 Project has commenced production safely at May 24 Brazil time. Mero field is located in the Santos Basin pre-salt southeastern offshore Brazil, about 180 kilometers away from Rio de Janeiro, in a water depth of between 1,800 and 2,100 meters. Mero4 Project will be developed by the traditional deep-water Pre-salt development mode, FPSO+Subsea. 12 development wells are planned to be commissioned, including 5 oil producers, 6 water or gas alternate injectors, 1 convertible well. In order to maximize production, the wells are equipped with intelligent well completion technology, which enables the remotely switching between production and injection wells via platform. The FPSO used in Mero4 is one of the largest FPSOs in the world, which was integrated in China in December 2024 and arrived at the oilfield in March 2025. The FPSO is able to produce up to 180,000 barrels of crude oil, process 12 million cubic meters of natural gas per day and inject 250,000 cubic meters of water, which will increase the installed production capacity of Mero field to 770,000 barrels of crude oil per day. To implement the concept of green and low carbon development, Mero4 project is also equipped with resources to operate the HISEP (High Pressure Separator), which allows underwater separation between the extracted oil and the associated gas and reinject the gas into the reservoir. The HISEP will simultaneously boost production and reduce emission. CNOOC Petroleum Brasil Ltda, a wholly-owned subsidiary of CNOOC Limited, holds 9.65% interest. Petrobras is the operator and has 38.6% interest, TotalEnergies holds 19.3% interest, Shell Brasil holds 19.3% interest, CNPC holds 9.65% interest, and Pré-Sal Petróleo S.A –PPSA holds 3.5% as the Federal Union representative in non-contracted areas. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel：+852 5540 0725Fax：+852 2111 1103Email： View original content to download multimedia: SOURCE CNOOC Limited
Yahoo
26-05-2025
- Business
- Yahoo
Brazil: First oil of Mero-4
PARIS, May 26, 2025--(BUSINESS WIRE)--TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces first oil from the fourth development phase of the Mero field on the Libra block, located 180 kilometers off the coast of Rio de Janeiro, Brazil, in the pre-salt area of the Santos Basin. Launched in August 2021, this new phase called "Mero-4" will connect 12 wells to the new Alexandre de Gusmão FPSO (Floating Production, Storage and Offloading) unit, with a production capacity of 180,000 barrels of oil per day (b/d). This project has been designed to minimize greenhouse gas emissions, with reinjection of the associated gas into the reservoir and zero routine flaring. This startup brings Mero's total production capacity to 770,000 b/d through five FPSOs. This will represent around 100,000 boe/d in TotalEnergies share at full capacity. "The start-up of Mero-4 marks the end of the development of this world-class field -with the commissioning of four FPSOs in three years- and the start of a long-term production phase generating robust free cash flow. This is a great achievement for the Libra consortium and a major milestone for TotalEnergies in Brazil, a key growth country for our Company," said Nicolas Terraz, President Exploration & Production of TotalEnergies. "With its vast resources and high productivity, the Mero field delivers low cost and low emission oil production in line with our Company strategy and contributes significantly to the achievement of our objective to grow our production by 3% per year between 2024 and 2030." Mero is a unitized field, operated by Petrobras (38.6%), in partnership with TotalEnergies (19.3%), Shell Brasil (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-Sal Petróleo S.A (PPSA) (3.5%) representing the Government in the non-contracted area. *** About TotalEnergies in Brazil TotalEnergies has been operating in Brazil for 50 years and employs close to 4,000 people in the country. Its presence encompasses Exploration & Production, gas, renewable electricity (solar and wind), lubricants and chemicals. TotalEnergies' Exploration & Production portfolio in the country currently includes 11 licenses, of which four are operated. In 2024, the Company's average production in the country was 153,000 barrels of oil equivalent per day. TotalEnergies is investing in the growth of the renewable energy segment in Brazil: in October 2022, it entered a partnership with Casa dos Ventos, Brazil's leading renewable energy player, to jointly develop a 12 GW renewable energy portfolio, including onshore wind, photovoltaic and battery storage. About TotalEnergies TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations. X @TotalEnergies LinkedIn TotalEnergies Facebook TotalEnergies Instagram TotalEnergies Cautionary Note The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies' financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC). View source version on Contacts TotalEnergies Media Relations: +33 (0)1 47 44 46 99 l presse@ l @TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l ir@ Sign in to access your portfolio
Reuters
09-05-2025
- Business
- Reuters
Brazil's Petrobras reports fresh oil discovery in the Santos Basin
SAO PAULO, May 9 (Reuters) - Brazil's Petrobras ( opens new tab has identified oil "of excellent quality and without contaminants" in an exploratory well at the pre-salt of the Santos Basin, the company said in a statement on Friday.
