Total to invest nearly two bln dollars in Gabon: company

12th October 2010, Comments 0 comments

French oil giant Total plans to invest nearly two billion dollars in its installations in Gabon's oilfields and to get access to new resources, a senior executive said Tuesday after meeting with Gabon's President Ali Bongo Ondimba.

"We are planning to invest some very large sums, nearly two billion dollars (1.43 billion euros) in our installations and at the same time get access to new resources," Yves-Louis Darricarrere, head of exploration and production for Total, told Gabon's national television.

He was referring to the oilfied at Anguille near Port-Gentil, Gabon's economic capital.

"Total is going to invest (in Gabon) in the coming years more than it has in the past four or five years," Darricarrere said, hinting that Anguille would not be the only investment.

Oil is Gabon's main source of wealth, producing between 220,000 to 240,000 barrels per day. Officially, oil accounts from about 60 percent of the country's budget.

According to the World Bank, Gabon's oil production in 2009 was 12.6 million tonnes, more than 60 percent by Total and British-Dutch group Shell.

© 2010 AFP

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