Total Aims to Be No. 1 in Angolan Oil in 2-3 Years

LUANDA, Angola, May 23, 2008 (Dow Jones Newswires)

French oil major Total SA (TOT) hopes to become the biggest group in Angola in two to three years with production of 700,000 barrels a day, its chief executive said Friday.

"Angola is one of our main priorities in the Gulf of Guinea. We have very big projects on the way...we are probably still second and we will be the first in two to three years," Christophe de Margerie told reporters.

"In operated production, I would like us to have 700,000 barrels a day ... today we are at about 290,000 barrels of operated," he said.

He was speaking on the sidelines of an official visit to Angola by French President Nicolas Sarkozy and a delegation of business people.

Angola produced 1.873 million barrels a day in April, according to the latest report from the Organization of Petroleum Exporting Countries.

LUANDA, Angola, May 23, 2008 (Dow Jones Newswires)


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