JPT Total's Deepwater Output To Hit 500,000 BOE/D by 2020

Matt Zborowski, Technology Writer 

Despite a trend toward renewables and low-carbon energy production among European majors, Total remains wholeheartedly committed to deepwater production. The French company expects its deepwater output to reach 500,000 BOE/D by 2020 on the back of its operations in Africa, Brazil, and the US Gulf of Mexico. This will generate cash flow from operations of more than $30/BOE at oil prices of $60/bbl, said Arnaud Breuillac, Total president of exploration and production, during an investor presentation this week. From Africa alone, Total expects to produce 200,000 BOE/D by 2020 and 400,000 BOE/D within the next 5 years, bolstered by three projects: Moho Nord off Congo, Kaombo off Angola, and Egina off Nigeria. The company now operates 10 floating production, storage, and offloading (FPSO) units off West Africa and some 600 deepwater wells.

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