3rd May 2005 07:01
Total S.A.2 May 2005 Total Launches Development of Nigeria's Deep Offshore Akpo Field Paris, May 2, 2005 - State-owned Nigerian National Petroleum Corporation (NNPC)has authorized Total, as operator, to begin developing the offshore Akpo fieldon the Oil Mining License (OML) 130, Nigeria. Total holds a 24% interest in theOML 130, alongside NNPC, Petrobras and Sapetro. Discovered in 2000, the Akpo gas and condensate field is located around 200kilometers offshore Port Harcourt in water depths ranging from 1,100 to 1,700meters. The field development plan calls for 22 producing wells, 20 water injectionwells and two gas injection wells, tied back to a floating production, storageand offloading (FPSO) vessel with a storage capacity of 2 million barrels. Akpo will come on stream in late 2008 and is expected to quickly reach peakproduction of 225,000 barrels of oil equivalent per day, of which nearly 80%condensate. The condensate will be exported via a buoy located 2 kilometers fromthe FPSO, while the gas will be piped 150 kilometers to the Amenam/Kponoplatforms, from where it will be sent to the Bonny liquefaction plant. "This latest major development project confirms Total's commitment to pursuingour growth strategy in Nigeria and developing the country's oil and gasindustry. The development of Akpo is a further demonstration of our ability tomeet the technological challenges of the deep offshore," said Christophe deMargerie, Total's President, Exploration & Production. Africa is Total's leading growth region, accounting for production of 813,000barrels of oil equivalent per day in 2004, of which 271,000 in Nigeria, a keycontributor to the Group's strategy to strengthen its presence in the deepoffshore Gulf of Guinea. ***************** Total is the fourth largest oil and gas company in the world with operations inmore than 130 countries. Total's activities cover the whole energy chain of thepetroleum industry: exploration, oil and gas production, refining and marketing,trading and power generation. The Group is also a major player in chemicals.Total has more than 111,000 employees worldwide. More information can be foundon the company's website: www.total.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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