Libra Consortium takes final investment decision on Mero-2 FPSO in Brazil's pre-salt

RIO DE JANEIRO,June 12,2019 -- Libra Consortium announced today the final investment decision to contract the Mero-2 floating production,storage and offloading (FPSO) vessel to be deployed at the Mero field offshore Santos Basin in Brazil.

Map use: Courtesy of Shell

The FPSO will have a capacity to process up to 180,000 barrels of oil per day. The consortium plans four new production systems to be deployed in the Mero field. Mero-2 is the second,with first oil expected in 2022.

"Shell is the largest foreign producer in Brazil,which has become a heartland for us. Mero-2 is the latest in a series of FPSOs that will come online," said Andy Brown,Upstream Director,Royal Dutch Shell. "From production to development,appraisal and exploration,we have a full funnel of long-life,resilient growth opportunities in the country,which is home to some of the best deep-water basins in the world."

As one of Shell's Core Upstream themes,Deep Water is set to generate robust cash flow for decades to come. Shell's global deep-water business has a strong funnel of development and exploration opportunities in Brazil,the US,Mexico,Nigeria,Malaysia,Mauritania,and the Western Black Sea. Production worldwide is on track to reach more than 900,000 boe/d by 2020 from already discovered,established reservoirs.

Editors Notes:

Shell Brasil Petroleo Ltda. (Shell) is a subsidiary ofRoyal Dutch Shell plc.

Mero field is part of the Libra Production Sharing Contract (PSC),signed in Dec 2013. Libra is located in the Santos basin,170 km south of Rio de Janeiro in 2100 m of water.

The Libra consortium,which operates production on the Libra block,is led by Petrobras – with 40% stake – in partnership with Shell (20%); Total (20%); and the Chinese companies CNPC (10%) and CNOOC Limited (10%). The consortium also has the participation of the state-owned enterprise Pré-Sal Petróleo - PPSA,which operates as contract manager.

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