..Submits Preowei’s field development plan in Nigeria
French oil and gas major Total expects to see production growth of 9% of this year after reaching record levels in 2018.
The company followed other oil majors in announcing a strong set of results for the fourth quarter of 2018. Overall oil and gas production for the whole of 2018 climbed by 8.1% from a year earlier to 2.775 million b/d of oil equivalent, a record high, Total said Thursday.
Total expects ramped-up output from Kaombo North in Angola, Egina in Nigeria and the Ichthys field off northwest Australia to boost its production by a further 9% this year. The company also highlighted the start-up of Iara 1 in Brazil, Kaombo South in Angola, Culzean in the UK and Johan Sverdrup in Norway as supporting production growth in 2019.
“Determined to take advantage of the favorable cost environment, the group plans to launch projects in 2019, notably including Mero 2 in Brazil, Tilgenga and Kingfisher in Uganda and Arctic LNG 2 in Russia,” Total said.
The statement makes no mention of the Preowei discovery in Nigeria, with 200 million barrels in reserves, the development of which Total had previously said it was expecting to approve this year.
However, speaking at the just concluded Nigerian International Petroleum Summit (NIPS) in Abuja, Total Exploration and Production Nigeria, Deputy Managing Director, Mr. Ahmadu-Kida Musa, said it has put forward for approval to the Federal Government, Field Development Plan (FDP) for the 50,000 bpd Preowei oil field.
Located on Oil Mining Lease (OML) 130, about 25 kilometers North of Egina field with water depth of 1150 meters, Total said the company is set to progress to Front End Engineering Design (FEED) studies immediately it secured government’s approval and then take Final Investment Decision (FID) on the project.
The company previously said its intention is to keep annual production growth above 5% for the years 2017-2022.
Overall hydrocarbon production reached 2.876 million boe/d in Q4, up by 10% from the same period a year earlier. Oil production climbed by 13% to 1.371 million b/d, while gas rose by 7% to 1.505 million boe/d.