Monday, November 7, 2011

French oil firm Total SA announces new offshore Nigeria oil well find

Washington Post (AP)
7 November 2011

LAGOS, Nigeria — French oil company Total SA says it has discovered a new offshore oil find off the coast of Nigeria.

Total said in a statement Monday its local subsidiary struck oil about 40 miles (65 kilometers) off the coast of the oil-rich Niger Delta. The company said one of the reservoirs tested at about 8,500 barrels of oil a day.

Total said it has a 40 percent stake in the new find, with state-run Nigerian National Petroleum Corp. holding the rest.

Total pumps about 300,000 barrels of oil a day from its fields in Nigeria. The firm has begun focusing more on offshore, deep-water oil fields in recent years.

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