French multinational oil company Total SA announced on Monday that will go ahead with its ultra-deep offshore Kaombo project, off the southwestern coast of Africa in Angolan waters.
The project is going to require a total of $16 billion to reach full capacity of 230,000 barrels per day. It is expected to be completed by 2017, and will take an estimated 14 million man hours to fabricate and build the necessary components.
Total will be the operator of the block, holding a 30% stake along with Sonangol P&P, Sonangol Sinoper International, Esso Exploration and production Angola, Limited, and Galp Energia.
Alaska’s Peak Oil Crisis
Big oil’s dominance of Alaskan North Slope oil production is steadily dropping. By 2022, production is expected to average 342,000 barrels per day. This is too low to keep the Trans Alaska Pipeline running! That means oil profits are going to be blooming elsewhere.