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.