Total unveils $9bn oil producing vessel

Dec 09, 2014 12:00 AM

French based multinational oil group, Total, has unveiled its $9 billion oil storage, production and offloading unit (FPSO) for the CLOV project (Cravo, Lirio, Orquidea and Violeta) in Angola, Africa’s largest oil producing country.

CLOV went into production in July and has 34 undersea wells with maximum production capacity of 160,000 barrels of oil daily. The project covers an area of 380 square kilometres and holds an estimated reserves of 505 million barrels of oil and a 20-year life span.

“Despite the recent volatility in oil prices, the group has a long-term vision alongside previously announced projects, such as Kaombo in Angola. Total has three strengths – ultra-deep water, liquefied natural gas and Africa. It is the largest oil producer in the continent and in Angola,” said Total group president Patrick Pouyanne.

Total’s businesses covers the entire oil and gas chain; from upstream exploration activities to downstream distribution and trade. Total is also a large-scale chemicals manufacturer.

In January 2014, Total became the first major oil and gas firm to acquire exploration rights for shale gas in the UK after it bought a 40 percent interest in two licences in the Gainsborough Trough area of northern England for $48 million.

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