Two OPEC Nations Set to Open Giant Fields. At What Cost to Deal?
- Total to bring projects off Angola and Nigeria online in 2018
- Field startups will add 430,000 barrels a day between them
OPEC's Control of the Oil Market Is Running on Fumes
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Two OPEC countries will bring giant oil fields online this year, testing their commitment to cap output amid a global push to curb supply.
Total SA plans to start production at two so-called mega-projects, Kaombo in Angola and Egina in Nigeria, Chief Executive Officer Patrick Pouyanne said Thursday. Once both are onstream -- Kaombo by mid-year and Egina in the fourth quarter -- they’ll have a combined capacity of 430,000 barrels a day. That exceeds the total output of OPEC members Gabon and Equatorial Guinea.