Angola: Total gives go-ahead for $16bn Kaombo development


Issue 276 - 02 May 2014 | 1 minute read

Total and its joint venture partners have made the final investment decision to develop the ultra-deep offshore Kaombo project on Block 32. An optimisation exercise reduced the total project cost to $16bn from $20bn, Total 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,” said Total upstream president Yves-Louis Darricarrère. “While continuing our commitment to develop the Angolan oil industry, Total has significantly optimised the project’s design and contracting strategy in recent months. Kaombo illustrates both the Group’s capital discipline and objective to reduce capex.”

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