French energy giant TotalEnergies announced on Monday a $1 billion investment in an oil production project in the Santos Basin, off the coast of Brazil
MOSCOW (Pakistan Point News / Sputnik - 16th January, 2023) French energy giant TotalEnergies announced on Monday a $1 billion investment in an oil production project in the Santos Basin, off the coast of Brazil.
"TotalEnergies has approved the final investment decision of the Lapa South-West oil development located in the Santos Basin," the company said in a statement.
Production at Lapa South-West, where TotalEnergies holds a 45% stake, will begin in 2025. It will add 25,000 barrels of oil per day to the Lapa field's output, raising it to 60,000 barrels.
David Mendelson, the TotalEnergies senior vice president in charge of the Americas region, described the approval of the final investment decision as an important milestone. The company sees the pre-salt Santos Basin as a key growth area, he said.
