Total announced today its decision to go ahead with its Kaombo project in offshore Angola after reducing costs by $4 billion.
The total estimated cost of the project is now $16 billion.
The decision to invest in the Kaombo deep sea project was repeatedly delayed due to high cost.
The ultra-deep field will start production in 2017 with a production capacity of 230,000 bpd, according to the company.
Total is currently the top oil exploration and production operator in Angola, producing 600,000 bpd between its Girassol, Dalia and Pazflor deepwater fields in Block 17.
This accounts for more than a third of the country’s output.
Total holds 30 percent of the Kaombo project.
State-owned Sonangol holds a 30 percent stake, Sonangol Sinopec International holds 20 percent, and ExxonMobil’s Esso unit holds 15 percent.