French energy giant, Total and its partners have taken a final investment decision to launch the Zinia 2 deep offshore development 150 kilometers offshore Angola, according to Total on Monday.
The Zinia 2 project will have a production capacity of 40,000 barrels per day (b/d).
Zinia 2 is the first of several possible short-cycle developments on Block 17 that will unlock its full potential by connecting satellite reservoirs to the existing floating storage, production and offloading (FPSO) units.
Arnaud Breuillac, president of Total Exploration and Production said the project would allow the profitability of the block to be extended, with over 2.6 billion barrels already produced.
"The project is also a good example of capex discipline and cost optimization: the work carried out to simplify the design while capturing deflation allowed the partners to cut the development costs by more than a half," Breuillac said.
Zinia 2 comprises nine wells in water depths ranging from 600 to 1,200 meters, tied back to the Pazflor FPSO with a budget of US$1.2 billion.
Total operates Block 17 with a 40 percent interest, alongside affiliates of Equinor, Exxon Mobil and BP, which hold a 23.33 percent, 20 percent, and 16.67 percent interest, respectively.
The French company also announced that it has signed several agreements covering the group's upstream and downstream activities in Angola, during an official visit to France by Joao Lourenco, the president of the Republic of Angola, Patrick Pouyanne, chairman and CEO of Total, and Carlos Saturnino, chairman of the Board of Directors of Sonangol, Angola's national oil company.
(Anadolu Agency, 29/05/2018)
