Oil Major Total Close to Angola Kaombo Decision

Maritime Activity Reports, Inc.

April 11, 2014

Kaombo block (Courtesy Total)

Kaombo block (Courtesy Total)

French oil major Total is on the verge of making a final investment decision on Angola's Kaombo oil project after lowering the cost by $4 billion, its chief executive said on Friday.

"We're on the verge," Christophe de Margerie told reporters on the sidelines of an oil conference in Paris.

A final investment decision on the Angolan oil project it operates had been delayed repeatedly because of the large costs related to the ultra-deep offshore project

The field is expected to produce 230,000 barrels of oil equivalent per day, with a start-up date expected in 2017.

Sonangol P&P has a 30 percent stake in the project, Sonangol Sinopec International has 20 percent, ExxonMobil's Esso unit holds 15 percent and Total owns the remaining 30 percent.

(Reporting by Michel Rose; editing by John Irish)

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News