Located in Block 17 off the capital, Luanda, CLOV will develop potemtial reserves of over 500 million barrels.
Expected to generate 160,000 barrels a day, CLOV would generate $1.5bn in cash flow annually for three years upon reaching a production plateau in 2015.
Total exploration & production president Arnaud Breuillac said that CLOV is Total’s flagship project.
"It demonstrates the Group’s capacity to successfully start-up projects on time and within budget while mastering cutting-edge deep offshore technologies and keeping safety and environment a top priority," Breuillac added.
"CLOV will contribute to increasing the Block 17 production to 700,000 barrels per day while also generating significant free cash flow for the Group. Block 17 will therefore become Total’s most prolific production site and bring us a step closer to achieving our production potential of 3 million barrels per day by 2017."
Total holds 40% interest in the block while the remaining are owned by Statoil (23.33%), Esso Exploration Angola (Block 17) Limited (20%) and BP (16.67%).
