Total in Angola

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abarrelfull wrote on 23 Sep 2010 06:12
Tags: angola fmc seadrill total

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Last month, Total announced that it was launching its CLOV project in Angola. It is a major development for Total, which already has a big presence in Angola.

This project is the fourth development pole in Angola’s deep offshore Block 17, after Girassol, Dalia and Pazflor. Drilling will start in 2012 and first oil is expected in 2014.
Located approximately 140 kilometres from Luanda and 40 kilometres northwest of Dalia in water depths ranging from 1,100 to 1,400 metres, the CLOV development will lead to the four fields - Cravo, Lirio, Orquidea and Violeta – coming on stream. The proved and probable reserves are estimated at approximately 500 million barrels of oil.

Such major investments always create opportunities for others, and the news of whom that is has been released in the last couple of days.

FMC Technologies, Inc. (NYSE: FTI) announced today that it has signed an agreement with Total Exploration & Production Angola for the manufacture and supply of subsea production equipment for the CLOV development project. The award has a value of approximately $520 million in revenue to FMC Technologies.

This deal was widely expected, as FMC is already working on Total's other developments in Angola.

Today we have the news of the delivery of Ultra-deepwater drillship "West Gemini" to Total's Angola operations

Seadrill's new ultra-deepwater drillship West Gemini has commenced operations for Total in Angola. West Gemini, which was delivered from the Samsung Heavy Industries in South Korea end of June 2010, arrived offshore Angola in West Africa end of August and has since arrival prepared for start-up of operations. The drillship is chartered to Total under a two-year contract and is the third deepwater newbuild from Seadrill that has been contracted by Total.

Althought the whole of West Africa seems to be a hot area for exploration, Angola has been in the business longer than most. Under developed due to a long running civil war, we are only now getting to see the real potential. Unlike most other OPEC members, this is one with big growth potential.