Total Brasil to Move Beyond Libra with $300 Mln 2017 Drill Plan

French oil company Total SA (TTFNF) plans to spend about $300 million exploring Brazil's Foz do Amazonas Basin in 2017, its first major step in the country since the discovery of the massive Libra area, its Brazil chief executive said on Friday.

 

The company's plans for Libra show confidence in the area's potential and place as Total's key project in Brazil, while new drilling in Brazil's far north shows a commitment to Brazilian expansion despite low world oil prices, Brazil CEO Maxime Rabilloud said in a statement.