The World’s Biggest Offshore Boom Is Accelerating

20 Dec 2017   Offshore

In a sign that Brazil’s offshore sector is competitive in a world of $50–$60 oil prices, two large oil companies just announced significant investments in oil fields in the South American nation. Total SA announced on Monday a final investment decision in a massive offshore oil field in Brazil’s Santos Basin, and the French oil giant boasted of low production costs. “The decision to launch the large-scale development of the Libra field is a major step for Total in Brazil,” Arnaud Breuillac, Total’s President of Exploration & Production, said in a statement . “We have worked with Petrobras, the operator, and our partners to secure technical costs below 20 dollars per barrel. This proves that we are capable of developing competitive deep offshore projects.” The Libra field is located about 180 kilometers off the coast of Rio de Janeiro in ultra-deep water, a pre-salt field that is considered to […]

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