France-based oil firm Total has assured the sustenance of its major oil and gas operations within Africa amidst the fall in crude oil prices since June 2014
The energy major said that it wants to achieve a production target of 2.8mn bpd in 2017 from its major oilfields in Africa such as the Egina in Nigeria, Kaombo in Angola and Moho in DR Congo.
according to Guy Maurice, head of African exploration and production at Total, “These projects have been engaged and we certainly will not stop them, which means thousands of jobs will be preserved for projects up to a 2017-2018 horizon.
“All the big projects are in the pipeline today. This will allow us to meet our production targets for 2017-2018 as planned.”
He noted that the recent drop in oil prices, which has seen Brent crude oil plunging by more than half since mid last year, has prompted the company to review certain projects in Africa, and added that no major project was at a stage that required a rethinking investment decision.