France’s Total Begins Production at Offshore Nigerian Field (TOT, CVX, XOM)

Investing

Published: February 24, 2012 1:15 pm

French oil & gas giant Total SA (NYSE: TOT) has begun production at the Usan field offshore of Nigerial. Total owns 20% of the production and is the operator of the field. Chevron Corp. (NYSE: CVX) and Exxon Mobil Corp. (NYSE: XOM) each owns 30% of the field and Nigeria’s Nexen Petroleum Nigeria Ltd. owns the remaining 10%.

At full production the Usan field is expected to pump 180,000 barrels/day from 42 total wells.

Total said that it produced 290,000 barrels/day from Nigeria in 2011 from both operated and non-operated fields. The company plans to begin development on another offshore field, Egina, in the same lease block.

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