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France's Total to tap new Angola oil field

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(Globalpost/GlobalPost)

Oil giant Total will start production at new $10-billion deep-water oil fields in Angola by next year, the firm announced Thursday.

Angola's top oil producer aims to put out 160,000 barrels a day over 20 years from the four deep-water fields, which it started developing in 2010.

The project would significantly boost production from Angola, which is already Africa's second largest producer after Nigeria.

Total already produces a third of Angola's daily 1.8 million barrels output.

"Total produces over 600,000 barrels of oil a day in Angola and this figure will increase even more next year when the... project starts production," the head of the firm's Angolan subsidiary Jean-Michel Lavergne told a news conference.

The fields needed a $10-billion (eight-billion-euro) investment to exploit proven reserves of around 505 million barrels.

Once complete, thirty-four undersea oil wells northwest of the capital Luanda will link to the country's first offshore oil platform.

Oil revenues have helped Angola grow at nearly ten percent a year over the past decade.

But two-thirds of the population live with under $2 a day, following a 27-year civil war which ended in 2002.

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http://www.globalpost.com/dispatch/news/afp/130612/frances-total-tap-new-angola-oil-field