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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