Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/total-goes-ahead-with-16-billion-angolan-kaombo-oi.shtmlTotal goes ahead with $16 billion Angolan Kaombo oil project
French oil company Total has decided to go ahead with its Kaombo oil project offshore Angola after lowering
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French oil company Total has decided to go ahead with its Kaombo oil project offshore Angola after lowering its cost by $4 billion to $16 billion.
The decision to invest in the deep sea project has been repeatedly delayed because of its cost. In recent years a number of other large-scale projects around the world have fallen victim to moves by big oil company to draw in their investment horns and return cash to shareholders.
The ultra-deep field will have a production capacity of 230,000 barrels per day, for a start-up date in 2017, Total said.
