Watch stocks you care about
Your own personalized stock watchlist!
It's a 100% FREE Motley Fool service...
Total (NYSE: TOT ) announced today that its upstream Nigeria-based joint-venture partnership subsidiary has received regulatory approval to being awarding contracts to develop the offshore Egina field.
The field, which is 120 miles off the coast of Port Harcout, was first discovered in 2003 and is part of the larger "OML 130" block in which Total and other energy companies currently have operations.
Total Upstream President Yves-Louis Darricarrère in a statement today:
Egina is the second development of the OML 130 license. Following Akpo, which was brought on stream in 2009, it will add significant value to the partnership. With more than 21 million man-hours of local work, the project will make a material contribution to the development of Nigerian economy. After more than 50 years in the country, we are confident that Nigeria will continue to provide a suitable framework to promote investments.
Total's subsidiary has a 24% stake in the field, along with national oil companies from Nigeria, China, and Brazil. First oil is expected by 2018, with output around 200,000 barrels of oil per day.
The announcement comes as several other companies are easing out of Nigeria operations, including Chevron, Shell, ConocoPhillips, and even Total itself.