TOTALEnergies EP Angola Block 20 has finalized the sale to PETRONAS ANGOLA E&P LTD (PAEPL), a company belonging to the PETRONAS group of companies, of a 40% interest in Block 20 in the Kwanza Basin in Angola.
PETRONAS is Malaysia’s state hydrocarbon firm and it is very active in Africa.
“The transaction was completed for an amount of $400Million as at January 1st, 2023, subject to customary price adjustments”, TOTALEnerges says in a statement, adding it retains the operatorship and a 40% interest in Block 20, alongside PAEPL (40%) and Sonangol Pesquisa e Produção S.A. (20%).
Block 20 contains the Cameia and Golfinho oil discoveries, located around 150 kilometres southwest of Luanda.
“These discoveries are planned to be developed through a system of subsea wells connected to a FPSO (Floating Production, Storage and Offloading unit) with an oil production capacity of 70,000 barrels per day, which will be the seventh FPSO developed by TOTALEnergies in Angola. The project will include the best available technologies to minimize greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs”.