February 28, 2008 / 3:58 PM / 11 years ago

Total Gabon says to redevelop Anguille field

PARIS, Feb 28 (Reuters) - Total Gabon (EGAB.PA) said on Thursday it planned a $2 billion redevelopment of its Anguille oil field and would borrow $600 million from banks to finance capital expenditure that may force it to “adjust” its dividend.

In a statement, Total Gabon said the aim of the redevelopment was to boost production at the 42-year-old oilfield to a peak of 30,000 barrels a day in 2013-14 from 7,500 a day in 2007.

“Total Gabon intends to borrow $600 million from banks to finance its long-term capital expenditure program. In addition, the dividend policy will be adjusted in years when capital expenditure is high,” the statement said.

French oil major Total (TOTF.PA) owns 58 percent of Total Gabon. (Reporting by Nick Antonovics)

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