Congo: Total abandons oil field citing decrease in global oil prices

French oil company Total has decided to abandon its ‘‘Pointe-Noire Grand Fonds’‘ oil field in the Republic of Congo, citing the decrease in global oil prices, Jeune Afrique has reported.

According to Total officials, 15 to 20 million dollars had been spent on this project yearly which produces about 12,500 barrels per day.

According to an Executive Director of Total in Gabon, Congo authorities have understood the situation.

The company had renewed its operating license just a year ago but say they have not found any operating economic model to develop the field.

The company has therefore decided to focus its attention on their Moho Nord project.

Launched in 2013, the Moho Nord is the largest oil project ever undertaken in the country.

The project taps deposits located in water depths of about 450 to 1200 metres and has a production capacity of about 140.000 barrels a day.