France’s Total to invest US$4 billion in Angola in 2009

23 September 2009

Luanda, Angola, 23 Sept – French oil company Total plans to end the year with investments of over US$4 billion in Angola, a rise of around 50 percent against 2008, a company source said Wednesday in Luanda.

The Total’s group’s Research and Production Director, Yves-Louis Darricarrere said that Total was responsible for over a quarter of Angola’s total production, or around 500,000 barrels of oil per day, according to a report from Angolan news agency Angop.

Total’s quota in Angola’s oil production, which is the biggest in sub-Saharan Africa, with a potential of around 2 million barrels per day, was mainly based on the Dália and Rosa projects in Angola’s offshore area.

“And that will continue when Pazflor goes online, which is almost 90 percent concluded,” he added.

With the Clov (Cravo, Lírio, Orquídea and Violeta) project in block 17 as well as the development of block 32, in which Total is carrying out studies to set up a new production hub, Darricarrere noted that the French oil company’s production capacity would increase.

Total currently spends around US$30 to US$40 million on training staff every year, as around a year ago it opened a new training centre near Luanda.

The French oil company has been operating in Angola since 1953. (macauhub)