Total: Angola’s Major Deep Offshore Kaombo P...
Total: Angola’s Major Deep Offshore Kaombo Project Comes On Stream
Total S.A.
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.â€
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.
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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 “weâ€, “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.
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