The French oil company Total has decided to launch the first large-scale development of its Libra project in the deep ocean waters off Brazil, in the prolific Santos Basin, the company said Monday.
Total plans to dispatch a floating production storage and offloading unit to the Northwestern part of the pre-salt oil basin, where the company and its partners believe they can pump oil for less than $20 a barrel in technical costs.
Total and its partners began pumping oil from a smaller FPSO last month, producing some 50,000 barrels a day, part of an effort to see how the field performs and to generate early revenue, it said. The project is about 112 miles from Brazil.
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