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Total Launches Zinia 2 Development in Deep Offshore Block 17

Source: www.gulfoilandgas.com 5/28/2018, Location: Africa

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Total and its partners have taken the final investment decision to launch the Zinia 2 deep offshore development in Block 17, 150 kilometers offshore Angola. The Zinia 2 project will have a production capacity of 40,000 barrels per day (b/d), sustaining Pazflor field production, on stream since 2011.

Zinia 2 is the first of several possible short-cycle developments on Block 17 that will unlock its full potential by connecting satellite reservoirs to the existing floating storage, production and offloading (FPSO) units.

“Zinia 2 opens a new chapter in the history of Block 17. This project will allow to extend the profitability of this prolific block, with over 2.6 billion barrels already produced. Thanks to the favorable fiscal framework introduced by the Angolan authorities for satellite developments, other projects similar to Zinia 2 are currently under consideration on Block 17,” said Arnaud Breuillac, President of Total Exploration & Production. “The project is also a good example of capex discipline and cost optimization: the work carried out to simplify the design while capturing deflation allowed the partners to cut the development costs by more than a half.”

Zinia 2 comprises nine wells in water depths ranging from 600 to 1,200 meters, tied back to the Pazflor FPSO with a budget of US$1.2 billion.

Total operates the Block 17 with a 40% interest, alongside affiliates of Equinor (23.33%), Exxon Mobil (20%), and BP (16.67%). Sonangol, is concessionaire. It has four FPSOs — Girassol, Dalia, Pazflor and CLOV. In 2017, its production averaged 600,000 b/d.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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