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Oil major Total starts up production at Congo's Moho Nord site
March 15, 2017 / 7:18 AM / 6 months ago

Oil major Total starts up production at Congo's Moho Nord site

A customer holds a gas pump as he fills-up his car in a Total station in Nice, France, February 9, 2017. REUTERS/Eric Gaillard

PARIS (Reuters) - French oil major Total (TOTF.PA) has started up production from the Moho Nord site off the coast of the Republic of Congo, with the facility set to have a production capacity of 100,000 barrels of oil equivalent per day.

“Moho Nord is the biggest oil development to date in the Republic of the Congo,” Arnaud Breuillac, president of exploration and production at Total, said in a statement on Wednesday.

“Moho Nord will contribute to the reinforcement of the cash flow of the group and to its production growth,” he added.

Total has a 53 percent stake in the site. Chevron Overseas (Congo) Ltd has a 31.5 percent stake while Societe Nationale des Petroles du Congo owns a 15 percent stake.

Last month, Total reported some of the biggest profits for 2016 in the oil industry and raised its dividend.

Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont

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