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TotalEnergies sticks to winning formula
TotalEnergies is an outlier among other majors for remaining committed to low-carbon investments while continuing to replenish and expand its ample oil and gas portfolio, with an appetite for high risk/high return projects.
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A Petrobras oil platform in Guanabara bay
Brazil Offshore Petrobras TotalEnergies
Simon Ferrie
14 February 2022
Follow @PetroleumEcon
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Brazil’s offshore remains buoyant

The sector is attracting attention from both domestic and international firms

The outlook for Brazilian crude production remains rosy, as NOC Petrobras, IOCs and independents all continue to pursue offshore opportunities. Brazilian NOC Petrobras expects to start production at its 180,000bl/d Mero-1 field in the first half of 2022. The start date was previously postponed from the fourth quarter of 2021 to the first quarter of this year, so the latest target might hint at additional delays. Petrobras previously attributed the project’s delays to the impact of Covid-19 on floating production, storage and offloading (FPSO) unit construction in China. But the Guanabara FPSO arrived at the field in late January this year. Mero-1 is intended as the first of four developments

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