Total S.A. Total: Angola's Major Deep Offshore Kaombo Project Comes On Stream
July 27 2018 - 8:53AM
UK Regulatory
TIDMTTA
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has started up production
of Kaombo, currently the biggest deep offshore development in
Angola, located on Block 32, 260 kilometers off the coast of
Luanda.
Kaombo Norte, the first Floating Production Storage and
Offloading (FPSO) unit, has been successfully brought on stream and
will produce an estimated 115,000 barrels of oil per day, while the
second one, Kaombo Sul, is expected to start up next year. The
overall production will reach an estimated 230,000 barrels of oil
per day at peak and the associated gas will be exported to the
Angola LNG plant. A total of 59 wells will be connected to the two
FPSOs, both of which are converted Very Large Crude Carriers,
through one of the world's largest subsea networks. Together, they
will develop the resources of six different fields (Gengibre,
Gindungo, Caril, Canela, Mostarda and Louro) over an area of 800
square kilometers in the central and southern part of the
block.
"The Kaombo start up is a great milestone for Total. Developing
the estimated 650 million barrels of reserves will contribute to
the Group's growing production and cashflow in Africa," stated
Arnaud Breuillac, President Exploration & Production at Total.
"Total is proud to build on its deep offshore expertise to operate
the latest major project coming on stream in Angola, which will
account for 15% of the country's oil production. Once more, this
demonstrates the Group's long-term commitment to help develop the
oil and gas industry in the country. We will continue doing so in
the years to come, including by relaunching exploration in areas
such as Block 48."
Total operates Block 32 with a 30% participating interest, along
with Sonangol P&P (30%), Sonangol Sinopec International 32
Limited (20%), Esso Exploration & Production Angola (Overseas)
Limited (15%) and Galp Energia Overseas Block 32 B.V. (5%).
Total in Angola
Present in Angola since 1953, Total is the country's leading oil
operator. Total's production averaged 229,000 barrels of oil
equivalent per day in 2017 from Blocks 17, 14 and 0, as well as
Angola LNG.
In addition to the Kaombo project on Block 32, Total also
operates Block 17 (with a 40% interest) where an investment
decision was recently taken on the Zinia 2 project.
Total is also a partner in Blocks 14 (20%), 14K (36.75%) and 0
(10%), as well as Angola LNG (13.6%).
Last May, the Group signed a risk service agreement with
Sonangol for the deepwater Block 48 exploration license, which
Total will operate.
On that same occasion, both companies also signed a framework
agreement to create a joint venture to develop a network of service
stations in Angola, including petroleum product logistics and
supply.
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company, a major player in
low-carbon energies. Our 98,000 employees are committed to better
energy that is safer, cleaner, more efficient, more innovative and
accessible to as many people as possible. As a responsible
corporate citizen, we focus on ensuring that our operations in more
than 130 countries worldwide consistently deliver economic, social
and environmental benefits.
* * * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms "Total" and "Total Group"
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
"we", "us" and "our" may also be used to refer to subsidiaries in
general or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
TotalMedia Relations: +33 1 47 44 46
99presse@total.com@TotalPressorInvestor Relations: +44 (0)207 719
7962ir@total.com
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July 27, 2018 09:53 ET (13:53 GMT)
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