LONDON (Alliance News) - Royal Dutch Shell PLC said Wednesday that its jointly owned P-69 floating storage and offloading vessel in the Brazilian Santos Basin has started oil production.
The FTSE 100-listed oil producer said P-69 can process up to 150,000 barrels of oil and six million cubic meters of natural gas daily and the vessel will ramp up production through eight producing and seven injection wells.
Shell has 25% stake in the Lula consortium, which houses the P-69 vessel. The vessel is operated by 65% consortium partner Petroleo Brasileiro SA. Portuguese company Galp holds the remaining 10% interest.
The P-69 is Shell's 14th deep water floating storage and offloading vessel in Brazil, which includes vessels in the pre-Salt Campos and Santos Basin.
The company's deep water business produces around 740,000 barrels of oil equivalent per day and is expected to reach approximately 900,000 barrels per day by 2020 from already discovered, established areas.
Shell 'A' shares were trading 0.1% lower at 2,46.00 pence each on Wednesday, while 'B' shares were down 0.2% at 2,477.00p.
