Investing
France’s Total Begins Production at Offshore Nigerian Field (TOT, CVX, XOM)
Published:
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.
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
