Bloomberg News

Total Says Nigeria Usan Field to Start Output by End-March

February 22, 2012

(Adds loading schedule in second paragraph.)

Feb. 22 (Bloomberg) -- Total SA, Europe’s third-biggest energy producer, said its Usan offshore oil field in Nigeria will start production by the end of March and later reach a peak rate of 180,000 barrels a day.

Exports of the new grade will total three cargoes of 950,000 barrels each in April, or 95,000 barrels a day, a loading program obtained by Bloomberg News yesterday shows.

Total and Exxon Mobil Corp. will receive one shipment each, while Glencore International Plc will get one lot from state- owned Nigerian National Petroleum Corp., according to the plan.

The Egina field now under development is “progressing well” and will also have a similar capacity, Guy Maurice, managing director of Total Exploration and Production Nigeria, told reporters today in Abuja, the capital.

Paris-based Total expects output to increase by an average 2.5 percent annually from the end of 2010 to 2015 with production starting this year at the Usan project and Angola LNG. By 2015, Total would have added 600,000 barrels of oil equivalent a day with 25 starts, Chief Executive Officer Christophe de Margerie said on Feb. 10.

Africa’s largest oil producer, is the fifth-biggest source of U.S. imports. Royal Dutch Shell Plc, Exxon Mobil, Chevron Corp., Total and Eni SpA operate joint ventures with NNPC that pump about 90 percent of the country’s crude.

Output from Nigeria’s deep offshore waters account for about 700,000 barrels a day, less than a third of the nation’s average daily production of 2.39 million barrels last year, according to the Petroleum Ministry.

--With assistance from Sherry Su in London. Editors: Raj Rajendran, Randall Hackley.

To contact the reporters on this story: Chris Kay in Abuja at ckay5@bloomberg.net; Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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