Petroleum Africa
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Monday, April 14, 2014
The final investment decision (FID) on a project offshore Angola is expected to be made soon. According to the head of Total, Christophe de Margerie, the company is on the verge of making the FID for the Kaombo oil project located on Block 32.
The FID has been delayed repeatedly due to the large cost associated with it however, Total has been able to lower the cost by about $4 billion.
“We’re on the verge,” Christophe de Margerie told reporters on the sidelines of an oil conference in Paris. The field is expected to produce 230,000 boepd, with a start-up expected in 2017.
The Kaombo project will be Block 32’s first development and will produce oil from several discoveries made on the block including the Gindungo, Gengibre, Canela, Mostarda, Louro, Salsa, and Caril. The project could be developed based on the of the state-of-the-art “hybrid loop” technology for multiphase pumping and transport of fluids.
Sonangol P&P has a 30% stake in the project, Sonangol Sinopec International has 20%, ExxonMobil’s Esso unit holds 15%, and Total owns the remaining 30%.
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