Total Goes Ahead With $16 Billion Angolan Kaombo Oil Project

France's Total said it had decided to go through with the Kaombo oil project. This could help Angola keep up oil output over the long run. The decision to invest in the ultra deep sea project is constantly put on hold, however this is important for Africa's No.2 oil producer. Kaombo illustrates both the group's capital discipline and objective to reduce capex. The company decided to build its two 115,000 barrels per day floating production storage. This could save about $2 billion and plus another $1 billion by agreeing with the government to cut the number of work hours done on the project.

Source: http://www.theafricareport.com/Central-Africa/total-goes-ahead-with-16-bln-angolan-kaombo-oil-project.html