Total Announces New Ventures in Congo and Canada

Total has brought its first offshore field in the Republic of the Congo on stream, nearly a month ahead of schedule.

Discovered in 1995, the Moho-Bilondo field is located nearly 80km offshore in water depths ranging from 540m to 730m and contains estimated reserves of close to 230 million barrels of oil, says Total.

The Bilondo and Mobim reservoirs will be produced using nine producing wells and five water injectors in two submarine clusters.

Plateau production is forecast at 90,000 barrels of oil per day, says Total.

Total E&P Congo operates the license with a 54 percent stake alongside Chevron Overseas Congo, (31.5 percent) and Société Nationale des Pétroles du Congo (15 percent).

Total E&P has also announced it is offering C$9 per share for small Canadian oil sands company Synenco Energy, part of the French oil giant's expansion into heavy oils.

This friendly offer has been unanimously approved by Synenco's Board, which will recommend the offer to its shareholders, says the French giant.

Synenco owns a 60 percent stake in and operates the Northern Lights Project in the Athabasca region, Alberta.

When complete, Northern Lights will produce 114,500 barrels per day of bitumen over an estimated 28-year period, says Synenco.

The offer circular will be published in the coming days and is expected to be open for acceptance for 35 to 45 days, subject to approval by the Canadian authorities.

By Ozge Ibrahim