Total Makes $10 Bln FID for Moho Nord Development (Congo)

Total Makes FID for Moho Nord Development (Congo)

Total, operator of the Moho-Bilondo license, today announces the final investment decision and EPC contract awards for the Moho Nord development, consisting of the Moho-Bilondo Phase 1bis and Moho Nord projects. First oil is expected in 2015, with output reaching 140,000 barrels of oil equivalent per day (boe/d) in 2017. The joint development represents an investment of US$10 billion.

Located approximately 75 kilometers from Pointe-Noire and 25 kilometers west of N’Kossa in water depths ranging from 450 to 1,200 meters, the Moho Nord project will target additional reserves in the southern part of the license (Phase 1bis) and new reserves in the northern part (Moho Nord). The additional reserves are estimated at approximately 485 million barrels of oil equivalent.

“The development of Moho Nord marks another milestone in Total’s long established presence in the Republic of the Congo and leverages our demonstrated expertise in successfully managing major projects, especially in the deep offshore. The launch enhances visibility on Total’s production growth objective,” commented Yves-Louis Darricarrère, President of Total Upstream.

The project is the latest step in developing the license, following on from Moho Bilondo Phase 1E, brought on stream in 2008.

For Phase 1bis, a total of 11 subsea wells in the Miocene will be tied back to the existing FPU on Moho-Bilondo, whose processing capacity will be increased by 40,000 boe/d. For Moho Nord, 17 subsea wells targeting Miocene reservoirs will be drilled and tied back to a new floating production unit (FPU) and 17 more subsea wells targeting Albian reservoirs will be developed from a new build tension leg platform. Before being exported by pipeline to the onshore Djeno Terminal, the new production will be processed on the FPU, which will have a capacity of 100,000 boe/d.

The installations have been designed to limit environmental impact. Measures include eliminating flaring under normal operating conditions and reinjecting all produced water.

As part of the project, Total will promote local content by encouraging development of the regional industrial base.

Total E&P Congo, the Group’s wholly owned subsidiary, operates the Moho Bilondo license with a 53.5% interest, alongside state-owned Société Nationale des Pétroles du Congo (15%) and Chevron Overseas Congo (31.5%).

Press Release, March 22, 2013