Total: Able to Meet Republic of Congo Oil Supply Contracts
LONDON May 11, 2007 (Dow Jones Newswires)
Total SA (TOT) confirmed Friday it will be able to fulfill its oil supply contracts from the Republic of Congo after a fire forced the company to halt production from the country's largest oil field.
Two workers were killed after the blaze Thursday at the Nkossa oil field which stopped 60,000 barrels a day of production.
"We will be able to satisfy our contracts using stored oil and then if necessary could source from trading and other fields," said Total spokeswoman Patricia Marie.
When asked about market speculation that full production would resume within three weeks, the spokeswoman was skeptical.
"We don't yet know what caused the accident so we would prefer to take all the security measures necessary before giving an indication on when production can resume," she said.
Republic of Congo's crude oil types are typically medium and sweet, Djeno is the main crude export blend.
Traders of West African crude said Djeno is bought predominantly by U.S. and Asian refineries.
Copyright (c) 2007 Dow Jones & Company, Inc.
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