French leading oil conglomerate has said it is still thinking on what to do on 10 of its oil and gas production sites within the next 18 months. Though it did not mention any site or nations, analysts say Nigeria and other producing nations including Argentina, Angola and others may be in the picture after all.
Total has bet on a string of projects such as Egina in Nigeria, Kaombo in Angola and Moho in the Republic of Congo to help it boost production to a target of 2.8 million barrels of oil equivalent per day in 2017.
On its fourth quarter and full-year 2016 results posted on its website, the multinational said it plans to boost oil and gas production by 5 percent a year from 2014 to 2020.
The Chairman and CEO Patrick Pouyanné said the group demonstrated its resilience by generating adjusted net income of $8.3 billion and had the highest profit ability among the oil majors despite the difficult environment.
According to him, “My goal is to launch new projects to prepare the future, while remaining disciplined and cutting costs further because crude prices might drift lower”.
Business Hilights recalls that the Egina project in Nigeria, which is the largest offshore project will have a production capacity of 200,000 barrels of oil per day (b/d) and should at the end of 2017 reinforce Nigeria’s deepwater production potential.
Besides, the company’s exploration arm in Nigeria with joint venture partners in the OPL 223 is working on future development plans on the Owowo field after it announced in October 2016 the discovery of about one billion barrels of crude at the field, located off shore Koloama community in Bayelsa state.
Oil production from Total SA, which has been operating in Nigeria for close to 50 years, comes from the OML 58, 99, 100 and 102 blocks as part of a joint venture with NNPC, among other assets.
The group recently re-fleeted its downstream trucking channels with new set of haulage trucks to boost operations in Nigeria.
