Total to go ahead with $16B ultra-deep Angolan oil project

|By:, SA News Editor

Total (TOT) plans to move forward with the ultra-deep Kaombo oil project off the coast of Angola after the cost of development was cut to $16B from $20B.

The French company, which owns 30% in the development, had repeatedly delayed the decision to invest due to the high cost.

Total expects Kaombo to have a production capacity of 230,000 barrels per day and to start output in 2017.

The other owners of the project include state-owned Angolan company Sonangol and ExxonMobil (XOM). (PR)