Total says output at Angola's Block 17 climbs to 700K bbl/day

|By:, SA News Editor

Total (TOT +1.1%) says a new deepwater floating processing plant boosted production at its Block 17 offshore Angola to 700K bbl/day of oil, making the block TOT's most prolific production site.

The Clov field complex, with proven and probable reserves of 500M barrels and production capacity of 160K bbl/day, is the fourth major field development scheme to be brought online in the block; the other three fields in the block - Girassol, Dalia and Pazflor - also are being tapped using FPSOs.

The output boost from the latest project would bring TOT a step closer to its production goal of 3M bbl/day by 2017, the company's E&P chief says.

TOT operates the block with a 40% interest, with partners Statoil (STO), Exxon Mobil (XOM) and BP holding stakes between 23.3% and 16.7%.