Doris Leblond
OGJ Correspondent
PARIS, Feb. 24 -- Total SA has set a capital spending budget of $13.5 billion, about $10 billion of it for upstream projects.
The spending includes $1 billion for exploration, up from $800 million in 2005. The upstream budget excludes outlays for acquisitions.
The company invested $13.9 billion in 2005, a 26% increase from 2004. It said it expects to maintain investments at about this level through 2004, in part to meet a production growth target of 4%/year. It also plans to upgrade its refineries in Europe and the US and expand petrochemical operations in Asia.
Major field start-ups planned for 2005-07 include:
-- Canada oil sands: Joslyn (Total, operator with 84% interest, 2006) and Surmont (50%, 2006).
-- UK North Sea: Forvie North gas-condensate field (100%, end 2005) and Glenelg gas field (operator, 49.5%, 2006).
-- Norway: Ekofisk AG oil field (39.9%, November 2005), Kristin gas-condensate field (6%, November 2005), and Snøhvit gas field (18.4%, 2007).
-- Angola: Rosa oil field (operator, 40%, 2007); Dalia oil field (operator, 40%, 2006); Benguela, Belize, Lobito, and Tomboco (BBLT) oil fields (20%, 2006).
-- Nigeria: Bonga gas field (12.5%, November 2005); NLNG trains 4 and 5 (15%, December 2005 and first-quarter 2006); NLNG Train 6 (15%, 2007).
-- Azerbaijan: Shah Deniz gas-condensate field (10%, 2006).
-- Indonesia: Sisi Nubi gas field (operator, 47.9%, 2007).
-- Qatar: Dolphin gas project (24.5%, 2007).
These projects will increase Total's net production by more than 500,000 boe/d.
Beyond 2010, Total expects its production growth to be driven by new developments in West Africa, including Blocks 32 and 17 oil fields off Angola, Moho Bilondo oil field off Congo, and deepwater Akpo oil field off Nigeria; Kashagan oil field in the Caspian Sea off Kazakhstan; mature North Sea and Cameroon areas; and deep horizons.
Total sees a "balanced [LNG] presence in all major markets by 2010, with sales growing by an average of 12%/year in Asia, Europe, and the US."
