Total joy: at Moho Nord cache
Total tots up Moho Nord riches
Total's head of African operations today revealed that the Moho Nord field, in Congo-Brazzaville's offshore play, holds an estimated 300 million barrels of oil, adding that a development decision could be taken by the middle of next year.
Total already produces about 90,000 barrels of oil per day from the central African country, and announced in May last year that drilling results revealed additional significant recoverable reserves in its Moho Nord field.
"It is a project where we have a bit of oil to develop, approximately 300 million barrels," Reuters quoted Jacques Marraud des Grottes, Total's director for Africa, saying on Congoles state television last night after a meeting with President Denis Sassou Nguesso.
"It is a project we hope to develop, and expect decisions on development in the next 12 to 18 months," he said.
Congo-Brazzaville's government said late last year it would double spending this year to bolster infrastructure and combat poverty on the back of an expected 16% increase in nationwide oil output to about 350,000 bpd.
Some of the production increase was expected to come from Total's Moho Bilondo development, of which Moho Nord is a part.
