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

Matt Zborowski, Technology Writer 

The 200,000-B/D Egina FPSO is now on location off Nigeria and is preparing for startup by yearend. 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.