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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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.