(Seeking Alpha, 4.Mar.2020) — Total expects to invest 15B reais ($3.34B) in Brazil’s oil and gas industry over the next five years, according to a report in a Brazilian newspaper.
Total head of E&P Arnaud Breuillac told Valor Econômico the company plans to spend $600M-$700M/year through 2024 with the aim of raising its Brazil oil production to 150K bbl/day from 40K bbl/day currently, according to Kallanish Energy.
Total operates the Lapa field and owns interests in several other producing fields such as the ultra-deep Libra field and the Lara field, both located in the pre-salt Santos Basin.
By Carl Surran
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