Shell holds 25% stake in the consortium while Brazilian oil firm Petrobras is the operator of the Lula oil field located in the BM-S-11 block with 65% stake.
The remainder stake of 10% is held by Galp through its subsidiary Petrogal Brasil.
P-66 is currently positioned in water depth of 2,150m and has the ability to process up to 150,000-barrels of oil and 6-million cubic meters of natural gas per day, stated Shell.
Shell upstream director Andy Brown said: “Achieving production at Lula South is an important accomplishment in the Santos Basin, and we recognize Petrobras’ delivery of this critical milestone.
“The consortium has additional FPSOs in this series planned over the next three-years. Across Shell’s deep water business in Brazil, we’re investing in projects with competitive break-even prices, and our presence as Brazil’s second largest oil producer continues to grow.”
P-66 is the first standardized vessel operated by Petrobras to start production within the BM-S-11 block consortium. Overall, it is the seventh such vessel to begin production within the consortium.
It is the also the tenth FPSO involved in deep-water operations for Shell across its working stakes in the pre-salt regions of Santos Basin. Apart from P-66, Shell operates two more FPSOs in the form of BC-10 and Bijupirá & Salema in the Brazilian waters.
Earlier in the month, Shell completed termination of its US joint venture with Saudi Aramco dubbed as Motiva Enterprises.
Image: P-66 FPSO sailing to its final destination. Photo: courtesy of Petrobras.
