Total and its joint venture partners have decided to develop Angola’s ultra-deep offshore Kaombo project, whose capital expenditure to reach full capacity was reduced by $4bn to $16bn.
Kaombo, which has a production capacity of 230,000 barrels per day (bpd), will develop estimated reserves of 650 million barrels.
Located about 260km offshore Luanda, the project is expected to start in 2017.
Total upstream president Yves-Louis Darricarrère said: "With the launch of Kaombo, the upcoming start-up of CLOV and three exploration wells planned in the Kwanza basin this year, Angola remains a priority country for Total.
"While continuing our commitment to develop the Angolan oil industry, Total has significantly optimised the project’s design and contracting strategy in recent months."
The Kaombo project will develop six of the 12 discoveries already made on block 32. The six fields – Gengibre, Gindungo, Caril, Canela, Mostarda and Louro – cover an area of 800km² in the central and southeast part of the block.
According to Total, the development scheme includes 59 subsea wells connected through 300km of subsea lines to two floating production, storage and offloading (FPSO) vessels, each with 115,000bpd production capacity.
In Angolan yards, over 14 million man-hours of fabrication and construction works will be performed locally, which will be used for equipment fabrication and assembly.
With a 30% stake, Total operates block 32 with other partners, including Sonangol (30%), Sonangol Sinopec International (20%), Esso Exploration and Production Angola (Overseas) (15%) and Galp Energia (5%).
Image: Total holds a 30% stake in block 32. Photo: courtesy of Trois Cube