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FINANCIAL NEWS
Total plans to expand operations in North Africa
23 Aug 2012
(MENAFN) French oil and gas giant Total unveiled plans for developing its E&P activities in North Africa and is willing to invest further in Libya, North Africa United reported.
Total E&P vice president Jean Daniel Blasco said for the year to come, Total plans to develop two projects in Algeria, Timimoun and Ahnet.
The company’s offshore development Al Jurf field in Libya has a capacity of 45,000 bpd. Total used to produce 55,000 bpd in Libya, but that decreased drastically in the wake of the civil war.
Blasco said that Total’s two fields Al Jurf (offshore) and Mabruk (onshore) are now back to their pre-war production level.
Libya’s proven oil reserves amount to 47 billion barrels and Total is interested in expanding its opportunities in Libya, such as new exploration rounds.
Total is active in exploring potential offshore resources in Libya and other countries of North Africa.
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