Oil and gas major Total , said on Tuesday it expected deepwater oil and gas operations to make a strong contribution to its output and cash flow thanks to major developments in the West Africa’s Gulf of Guinea region, Brazil and U.S. Gulf area.
Production from deepwater projects is expected to reach 500,000 barrels of oil equivalent per day (Kboe/d) by 2020, contributing to its 6 to 7 percent output growth target per year from 2017 to 2020. “Deepwater is today for us a growing and very profitable part of the portfolio,” Total’s President for Exploration and Production Arnaud Breuillac, told investors in New York.
Deepwater production will increase to more than half a million barrels of oil per day by 2020 with cash flow from operations at over $30 per barrel at an oil price of $60 per barrel, Breuillac said. Production is expected to start at its Nigeria’s Egina field by the end of the year.