TotalEnergies to invest $1B in oil field development in Brazil

TotalEnergies has approved the final investment decision of the Lapa South-West oil development located in the Santos Basin, 300 km off the coast of Brazil, Report informs referring to the company.

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 North-East part of Lapa field since 2016.

At production start-up, expected in 2025, Lapa South-West will increase production from the Lapa field by 25,000 barrels of oil per day, bringing the overall production to 60,000 barrels of oil per day.

This development represents an investment of approximately $1 billion.