Total's $4B Angolan oil project near investment approval

|By:, SA News Editor

Total's (TOT +0.3%) $4B Kaomba oil project in Angola is on the verge of receiving a final investment decision, CEO Christophe de Margerie says.

The project, which is 30%-owned by TOT and set to start producing in 2017, will have a capacity of 230K bbl/day, ~15% of Angola's total output.

The CEO also says TOT has cut overall capital expenditure from an initial $16B as part of an effort to cut spending and focus on profitability; an official announcement reportedly could come next week.