Total Expects Amenam/Kpono Production 125,000 B/D 2Q04

Elf Petroleum Nigeria said that its Amenam/Kpono field will reach a maximum production of 125,000 barrels a day in the second quarter of this year.

In a statement, the company said Elf would start exploration on an offshore block called Oil Prospecting Lease 221 in 2004.

Elf acquired the deep offshore block OPL 221 last year under a production-sharing contract with state-run Nigerian National Petroleum Corp.

Amenam/Kpono is estimated to have 500 million barrels of crude oil reserve, with a projected life of 25 years.

Production from the field started last July, and by end of 2003, it stood at about 50,000 b/d, a source close to the company said.

Elf has spent about $2 billion on the project, with about $600 million of that spent on the construction of a floating, storage and offloading vessel for crude oil production.