France’s Total Begins Production at Offshore Nigerian Field (TOT, CVX, XOM)
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.…
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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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
