PARIS, April 11 French oil major Total
is on the verge of making a final investment decision on
Angola's Kaombo oil project after lowering the cost by $4
billion, its chief executive said on Friday.
"We're on the verge," Christophe de Margerie told reporters
on the sidelines of an oil conference in Paris.
A final investment decision on the Angolan oil project it
operates had been delayed repeatedly because of the large costs
related to the ultra-deep offshore project
The field is expected to produce 230,000 barrels of oil
equivalent per day, with a start-up date expected in 2017.
Sonangol P&P has a 30 percent stake in the project, Sonangol
Sinopec International has 20 percent, ExxonMobil's Esso
unit holds 15 percent and Total owns the remaining 30 percent.
(Reporting by Michel Rose; editing by John Irish)