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Total developing new oil field off Nigerian coast

June 21. 2013 9:43AM
Associated Press

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(AP) Total Nigeria is developing a new offshore oil field that it expects to produce 200,000 barrels a day.

Friday's statement from the French oil major says its Nigerian subsidiary in partnership with the national oil companies of Nigeria, China and Brazil expects production to begin in 2017.

The Egina field was discovered in 2003, some 200 kilometers (124 miles) from Nigeria's oil capital of Port Harcourt.

The announcement comes after several leading companies have divested in Nigeria, Africa's biggest oil producer. California-based Chevron Corp. this week said it is selling five oil blocks in shallow waters. Shell, Italy's Eni, Total and ConocoPhillips all have sold onshore oil blocks, though companies continue to invest offshore.

Total said it is confident Nigeria will continue to provide "a suitable framework to promote investments."

Associated Press

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