France’s Total invests US$9 billion in oil exploration in Angola

23 July 2009

Luanda, Angola, 23 July – French oil company Total is investing US$9 billion in Pazflor located in Angola’s offshore block 17, whose production is expected to begin in 2011 at depths of over 1,200 metres, according to information from the company.

Total, which has 3 intervention areas in Angola, plans to expand its business by competing for new concessions as soon as the government launches tenders for new oil explorations.

The sub-director of Total in Angola, Francois Badoual told Reuters that the French company was interested in new concessions.

The last tender for oil exploration in Angola was launched in the first half of 2008 and Sonangol does not expect to launch new tenders in 2009.

Total, together with Exxon Mobil and Chevron, have overall production of over 500,000 barrels of oil per day.

In January 2008, Angola had oil reserves estimated at 9 billion barrels, according to Oil and Gas Journal.

Angola, which currently holds the rolling presidency of the Organisation of Petroleum Exporting Countries (OPEC), is Africa’s largest oil producer after overtaking Nigeria for the position.

Last week Chinese state companies CNOOC and SINOPEC announced the acquisition of 20 percent of an oil block in Angola’s offshore belonging to Marathon Oil for US$1.3 billion. (macauhub)