PARIS, July 10 (UPI) -- A final investment decision for a new phase of operations at a Venezuelan gas field means production should reach 300 million cubic feet per day, Total said.
French supermajor Total announced it joined its partners at Spain's Repsol and Venezuelan energy companies Ineptrol and Otepi in making a final investment decision at the Yucal Placer natural gas field onshore in Venezuela.
Production at the field began in 2004. The investment decision means production could reach 300 million cubic feet per day as early as this year, a benchmark representing three times the current production level, said Total. No financial sum was revealed.
Elsewhere in the region, the French company said it has become the operator of the offshore Xerelete area of the Campos Basin in Brazil following a transfer from Brazilian energy company Petrobras.
"Our decision to assume operatorship of Xerelete is part of the group's strategy to strengthen its exploration and production activities in Brazil," said Ladislas Paszkiewicz, Total's senior vice president for exploration and production in the region, in a statement. "It demonstrates our willingness to expand our presence in the country."
