Angola, Total launch Major Oil Platform worth $16 Billion

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Angola increases Fuel Export Taxes

Angola and Total inaugurated a new deep-sea oil field worth $ 16 billion on Saturday.

This is expected to boost the production of the African Nation since the fall in crude prices that plunged its economy into crisis in 2014.

Located 250 km off the capital Luanda, the Kaombo project is the largest offshore operation ever launched in Angola.

For the first time in the world, a network of more than 300 kilometres of tubes was laid up to 2,000 meters under the sea to raise hydrocarbons on the surface.

The first of the two ships, Kaombo Norte, produced its first oil last July. The other, Kaombo Sul is expected by mid-2019.

Eventually, they must produce 230,000 barrels a day, or 15% of the country’s current production for total reserves estimated at 660 million barrels.