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Tuesday, January 16, 2018 6:59:46 PM
Yesterday's transfer of stakes in the Lapa and Lara area sub-salt fields in the Santos basin, part of a broader strategic alliance between the two companies, should increase TOT's share of production from just 300 bbl/day in November to more than 25K in Q1 2018, according to data from oil regulator ANP.
TOT has assumed a 35% operating stake in Lapa from PBR, which retains a 10% working stake while Royal Dutch Shell holds a 30% stake and Sino-Spanish JV Repsol-Sinopec 25%.
TOT's output also will come from the 3.3B-barrel Mero field, the first commercial discovery in the Libra sub-salt project, which is expected to produce ~40K bbl/day starting in February; TOT owns a 20% stake in Libra, while PBR holds a 40% operating interest, Shell has 20% and and China's Cnooc and CNPC each hold 10%.
Separately, TOT reports a Q4 average global realized gas price of $4.23/MMBtu, a two-year high, as cold weather in the U.S., Europe and northeast Asia triggered increased demand and higher wholesale prices.
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