Total Brings Offshore Angola Project Online
Total (NYSE: TOT) has announced the start of production from the Zinia Phase 2 short-cycle project offshore Angola.
The project includes the drilling of nine wells and is expected to reach a production of 40,000 barrels of oil per day by mid-2022. Located in Block 17 in water depths ranging from 1,968 feet to 3,937 feet, Zinia Phase 2 resources are estimated at 65 million barrels of oil.
Total noted that the development of the project was carried out on schedule and for a capital expenditure more than ten percent below budget, representing a saving of $150 million. The project was said to involve more than three million hours of work.
Block 17 is operated by Total with a 38 percent stake, alongside with Equinor, which holds a 22.16 percent interest, ExxonMobil, which holds a 19 percent stake, BP Exploration Angola Ltd, which holds a 15.84 percent interest, and Sonangol P&P, which holds the remaining five percent stake.
“The successful start-up of this project, despite the challenges that have arisen as a result of the pandemic, demonstrates Total’s commitment to ensure a sustainable output on Block 17, for which the production license was recently extended until 2045,” Nicolas Terraz, the president of Africa Exploration and production at Total, said in a company statement.
“Zinia Phase 2 project reflects the quality of short cycle projects in Angola with high return on investment,” Terraz added in the statement.
Paulino Jerónimo, the chief executive officer of the National Oil, Gas and Biofuels Agency, said, “Zinia Phase 2 is a key project for Angola that comes at the right time to sustain the production of the country”.
“We welcome our collaboration with Total in Angola, that keeps investing with its partners in the development of the country oil resources,” he added.
Total has been present in Angola since 1953 and employs around 1,500 employees in the country. The company’s equity production in Angola averaged 212,000 barrels of oil equivalent per day last year from operated blocks 17 and 32, and from non-operated assets 0, 14, 14K, and Angola LNG. Total is the country’s leading oil operator with close to 45 percent of Angola’s operated oil production, the company highlights on its website.
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