A Total SA oil project in Angola worth $4 billion is on the cusp of getting a green light for investment, the head of the French oil company said Friday.
Speaking on the sidelines of a Paris oil conference, Total CEO Christophe de Margerie said Angola's Kaombo is "on the verge" of receiving a financial investment decision—which will kick start the project development.
The project, which is 30%-owned by Total and is set to start producing in 2017, will have a capacity of 230,000 barrels a day—about 15% of Angola's output.
The company has also slashed the overall capital expenditure from an initial $16 billion, Mr. de Margerie said, as part of a companywide effort to cut spending and focus on profitability. A person familiar with the matter said the official announcement is set to come as early as Monday.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.