TotalEnergies EP Angola Block 20 has finalised the sale of a stake in a valuable Angola block to PETRONAS ANGOLA E&P LTD (PAEPL), a company belonging to the PETRONAS group of companies.
Petronas has paid US$400 million for a 40% interest in Block 20 in the Kwanza Basin. The transaction was completed on January 1, 2023, subject to customary price adjustments.
TotalEnergies retains the operatorship and a 40% interest in Block 20, alongside PAEPL (40%) and Sonangol Pesquisa e Produção S.A. (20%).
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Block 20 contains the Cameia and Golfinho oil discoveries, located around 150 kilometres (km) southwest of Luanda. These discoveries are planned to be developed through a system of subsea wells connected to a floating production, storage and offloading (FPSO) unit with an oil production capacity of 70,000 barrels per day – the seventh FPSO developed by TotalEnergies in Angola. Total said the project will include the best available technologies to minimise greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.
“TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza basin. With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities”, said Nicolas Terraz, President, Exploration & Production at TotalEnergies.
