Total SA, one of the oil majors operating in Nigeria is planning to make final investment decision (FID) on 10 oil and gas production projects in the next 18 months in countries including Nigeria, Angola and few others, Daily Trust reports. This is set to boost oil and gas reserves in Nigeria, a top member of OPEC.
The company said in its fourth quarter and full-year 2016 results posted on its website that it plans to boost oil and gas production by 5 percent a year from 2014 to 2020.. Chairman and CEO Patrick Pouyanné said the group demonstrated its resilience by generating adjusted net income of $8.3 billion and had the highest profitability among the oil majors despite the difficult environment.
The Egina project in Nigeria, which is the largest offshore project currently going will have a production capacity of 200,000 barrels of oil per day (b/d) and should at the end of 2017 reinforce Nigeria’s deepwater production potential.
Also, the group affirmed that financial discipline was successfully maintained across all business segments both for investments ($18.3 billion including resource acquisitions) and operating costs, with savings of
$2.8 billion in 2016, exceeding the objective of $2.4 billion. Production costs were reduced to
5.9 $/boe in 2016, compared to 9.9 $/boe in 2014.