By an OGJ Online Correspondent
PARIS, Mar. 15�TotalFinaElf expects to bring four major projects on stream within 1 year, which will boost gas and oil production by nearly 6% by the end of 2005.
Speaking to reporters earlier this week, CEO Thierry Desmarest said his firm expects gas and oil production to grow from 2.12 MMboe/d in 2000 to 2.8 MMboe/d within 4 years.
The four projects are geographically balanced and involve different advanced technologies, Desmarest said, adding that TotalFinaElf's medium- and long-term plans are based upon $17/bbl oil.
Due on stream by the end of March, Elgin-Franklin field in the UK North Sea is a gas-condensate project and one of the world's largest high-pressure high-temperature field developments.
The second project is Sincor in Venezuela, slated to come on stream in the fourth quarter 2001. Third is South Pars in Iran, due to start in the first quarter 2002.
The fourth is Girassol on Angola's Block 17 where first production of 200,000 b/d is slated for the end of 2002.
Looking out to 2010, Desmarest foresees growth for TotalFinaElf in the Middle East where work is under way on the Taweelah power station in Abu Dhabi. TotalFinaElf's integrated gas, electric, and petrochemical projects in Saudi Arabia are entering negotiations, he said, adding projects in Kuwait and Iraq also are being negotiated.
In the Gulf of Guinea, TotalFinaElf is well positioned upstream for continued growth: in Nigeria and in Angola. Meanwhile in the Gulf of Mexico, TotalFinaElf holds interest on 235 blocks.
TotalFinaElf is pursuing long-term gas and power policies in Latin America where it is the largest gas producer. It also has similar projects in Thailand and is well positioned in Europe, Desmarest said.
