Total SA (NYSE: TOT) Commits to Angolan Offshore Project

Brian Hicks

Written By Brian Hicks

Posted April 14, 2014

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.

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