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French-based oil giant, Total SA, in a press statement today, said that it has discovered a new oil well find off the coast of Nigeria.
Total SA, in the statement confirmed that its subsidiary Total E&P Nigeria Ltd. (TEPNG) struck oil about 40 miles (65km) off the coast of the oil-rich Niger Delta. According to the Associated Press, the company said one of the reservoirs tested at about 8,500 barrels of oil a day.
Responding to the discovery, , Total's Senior Vice President Exploration, Marc Blaizot said, "With the exploration being undertaken in Nigeria, Total intends to strengthen its growth strategy."
"This strategy is focused on two priorities. On one hand, to strengthen exploration near our production hubs in the conventional offshore to maintain our production levels. On the other hand, amplify deep offshore exploration on riskier prospects of large size around the Akpo and Usan field to grow our reserves", he added.
According to the statement, TEPNG holds a 40 percent stake in the company, while its NNPC partners hold the remaining 60 percent.
Total has been present in Nigeria for half a century, and, according its equity production, averaged 300,000 barrels of oil equivalent per day in 2010.