Shell, Partners Start Deepwater Production in Brazil’s Santos Basin
Royal Dutch Shell plc, through its subsidiary Shell Brasil Petroleo Ltda. and consortium partners have announced the start of production at the Lula North deepwater project in the Brazilian Santos Basin.
Production at Lula North is processed by the P-67 floating production and storage offloading vessel and is operated by Petrobras, World Oil reported.
The production hub is the seventh FPSO deployed at Lula and the third in a series of standardized vessels built for the consortium. It is designed to process up to 150,000 barrels of oil and 6 million cubic meters of natural gas per day.
Shell and its partners began production at Lula Extreme South with the P-69 FPSO in October 2018.
Shell has a 25% stake in the Lula consortium, operated by Petrobras (65%). Galp, through its subsidiary Petrogal Brasil, holds the remaining 10% interest. Discovered in 2006, Lula is the largest producing field in Brazil and accounts for 30% of the country's oil and gas production.
The giant reported better-than-expected full-year earnings on Sunday, as deep cost cuts introduced after the 2014 energy market downturn filtered through.
Full-year profits jumped 36% to $21.4 billion in 2018 — as cost savings helped the Anglo-Dutch company record its highest annual profits since 2014.
source: Financial Tribune
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