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Total goes ahead with $16 billion Angolan Kaombo oil project


Published Apr 15, 2014
Total S.A.

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.

Tags: Total




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