Total takes FID on Congo project, expects first oil in 2015

PARIS, March 22 Fri Mar 22, 2013 10:33am EDT

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PARIS, March 22 (Reuters) - French major Total said on Friday it had taken a final investment decision (FID) for the Moho Nord development in Congo, expecting it to produce its first oil in 2015 and reach 140,000 barrels of oil equivalent per day in 2017.

The French oil group is banking on a string of African projects to help fuel a 25 percent rise in output over the next five years, with growth accelerating after 2015 to top 3 million barrels of oil and gas a day for the first time.

Moho is one of the three west African projects in deep and ultra-deep water that would help it deliver the post-2015 surge.

"The launch enhances visibility on Total's production growth objectiv," Yves-Louis Darricarrere, Total head of exploration, said in a statement.

The joint development represents an investment of $10 billion, the group said.

Total operates the Moho-Bilondo licence of which it holds a a 53.5 percent stake.

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