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BEIJING: China National Offshore Oil Corp (CNOOC) has further expanded its presence in Brazil’s deepwater pre-salt oilfields following the start of production of its Mero2 project on Tuesday, say industry experts.
Mero2 is one of the four production units of Mero, the country’s third-largest pre-salt oilfield in the Santos Basin off southeastern Brazil. It is located at a water depth of between 1,800m and 2,100m, CNOOC said.
Sixteen development wells are to be commissioned, including eight production wells and eight injectors. The production capacity of the project is 180,000 barrels of crude oil per day, the state-owned company said.
Mero1 has consistently maintained good production since it came into operation in May, with a daily output of 25,500 tonnes, one of the most productive offshore oil fields in Brazil, said CNOOC Petroleum Brazil Ltd president Huang Yehua, a wholly owned subsidiary of CNOOC.
U.S. stocks extended a new year’s downturn Wednesday as investors continued to take profits following last year's rally and minutes from the Federal Reserve's policy meeting last month that suggested the central bank may not lower interest rates as much as the market expects. Technology remained under pressure, sending the Nasdaq Composite® (COMP) to its fourth-straight daily drop and a three-week low.
Minutes from the Federal Open Market Committee's (FOMC) December 12 – 13 meeting, released earlier Wednesday afternoon, echoed the Fed's inflation-fighting messaging oft heard over the past year. While the Fed's benchmark short-term rate is "likely at or near its peak" for the recent tightening cycle, the actual path of rates "will depend on how the economy evolves," according to the minutes.
Almost all FOMC members indicated that based on an improved inflation outlook "a lower target range for the federal funds rate would be appropriate by the end of 2024," the minutes said. However, FOMC members noted an "unusually elevated" degree of uncertainty and that it was possible "the economy could evolve in a manner that would make further increases in the target range appropriate."
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