Total Commits To Ultra-Deep Offshore Oil Project In Angola; Shares Rise 2%

Total (TOT) shares rose more than 2% after the company said it decided with a group of joint venture partners to develop the ultra-deep offshore Kaombo project in Angola, an area with estimated reserves of 650 million barrels of oil.

Total said capital expenditure estimates were trimmed by $4 billion to $16 billion in order to reach full production capacity of 230,000 barrels daily.

Production from the Koamo project, which is expected to operate in depths ranging from about 4,600 to 6,200 feet, is expected to commence in 2017, Total said.

In afternoon trade, TOT was up 2.64% to $67.96.

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