Total has made it public that it will invest a whopping amount of US$16 billion in the Kaombo oil project offshore Angola.
The Kaombo offshore development is allegedly founded on the use of the state-of-the-art ‘hybrid loop’ technology for multi-phase pumping and transport of fluids. Total further added that its decision to invest in the deep sea project has been frequently delayed due to financial limitations.
The Kaombo oil project offshore Angola is an ultra-deep field that is expected to have a production capacity of 230,000 bpd, for a start-up date in 2017. The oilfield is located about 260km off the capital Luanda in water depths ranging from 1,400 to 1,900 metres.
Owning 20% stake of the Kaombo project, Total is already the top operator in Angola, with the 600,000 bpd at its Girassol, Dalia and Pazflor deepwater fields in Block 17, making up more than one third of the country’s oil output. Angola aims to increase oil production to an amount reflecting 2 million bpd in 2015 from the current 1.73mn bpd.