France's Total inaugurates major oil project off Angola

Luanda

FRENCH oil firm Total has inaugurated a major project off Angola with a capacity of 160,000 barrels per day as the company touted its African investments in the face of falling prices. New chief executive Patrick Pouyanne on Thursday inaugurated the CLOV project, which draws from four deep-water fields off Angola in the Atlantic off south-western Africa.

CLOV was launched in 2010 at a cost of US$8 billion. Thursday's inauguration came as petroleum-producing nations and the industry struggle with falling oil prices. "Total has three particular strengths: ultra-deep water, liquefied natural gas and Africa," Mr Pouyanne said at the ceremony, adding that Total is the largest producer on the continent. It is also the largest producer in Angola.