French oil major Total SA estimates an investment of $10 billion is needed to develop the Moho Bilondo Nord offshore project in Congo Republic, its chief executive has been quoted as saying. "The Moho Bilondo Nord project is the future of petroleum exploration in Congo around 2015 to 2017," Congolese state media quoted Total's Christophe de Margerie as saying after a meeting with President Denis Sassou N'Guesso last week. "A team is currently working to define the project, which will need an investment of $10 billion. There are still lots of hydrocarbons in this country - we are a long way off reaching all that there is too develop," he added.
Asked to confirm the comments, which were published at the weekend by Congo's state broadcaster and on a presidency website, a Total spokesman in Paris declined to comment. Total said last year that the Moho Bilondo Nord field contained about 300 million barrels of oil and that a decision on development could be taken by the middle of 2011. It is part of the overall Moho Bilondo development. Capital expenditure and profits are split three ways -- Total, operator with a 53.5 percent interest; U.S.-based Chevron, 31.5 percent; and the Congolese national oil company, SNPC, 15 percent.
A dozen Western oil companies operate in Congo, where oil accounts for around 70 percent of proceeds to the state. Total by itself accounts for 60 percent of Congolese crude production, with output this year due to hit 127 million barrels (348,000 bpd), up from 114.5 million in 2010.
