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TotalEnergies sells 40% stake in offshore Angola for $400 million

TotalEnergies sells 40% stake in offshore Angola for $400 million TotalEnergies sells 40% stake in offshore Angola for $400 million
TotalEnergies sells 40% stake in offshore Angola for $400 million.

TotalEnergies, the global oil and gas supermajor, has announced the completion of the sale of a 40% stake in Block 20, located in the Kwazna Basin offshore Angola, to global energy group, Petronas.

The deal, valued at $400 million, solidifies TotalEnergies’ partnership with Petronas and reaffirms their commitment to the development of the Cameia and Golfinho fields.

TotalEnergies sells 40% stake in offshore Angola for $400 million
TotalEnergies sells 40% stake in offshore Angola for $400 million.

With this transaction, TotalEnergies will retain operatorship of Block 20 and maintain a 40% interest in the concession. Petronas will now own a 40% stake, while the remaining 20% will be held by Angolan National Oil Company, Sonangol.

The collaboration between TotalEnergies, Petronas, and Sonangol is expected to pave the way for the future development of the Cameia and Golfinho fields, with the support of the Angolan authorities.

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Block 20, situated approximately 150 km southwest of Luanda, is home to the Cameia and Golfinho oil discoveries. These discoveries will be developed utilising a system of subsea wells connected to a Floating, Production, Storage, and Offloading (FPSO) unit, boasting an oil production capacity of 70,000 barrels per day (bpd). This FPSO in Block 20 marks TotalEnergies’ seventh operating offshore Angola.

The formation of Block 20 was initiated by a presidential decree in July 2023, merging former Blocks 21/09 and 20/15 with Block 20/11. The plan for the Cameia and Golfinho fields is to commence oil production in 2026, with an expected peak output of approximately 68,978 bpd in 2029.

TotalEnergies’ Exploration and Production President, Nicolas Terraz, expressed his satisfaction in welcoming Petronas as a strategic partner on Block 20. This collaboration between the companies will enable them to collectively reach the final investment decision for the development of the Cameia and Golfinho fields. Additionally, with the aid of the Angolan authorities, TotalEnergies, Petronas, and Sonangol aim to unlock the full potential of the block and optimise oil production.

Block 20 was established through a presidential decree in July 2023, resulting from the combination of former Blocks 21/09 and 20/15 with Block 20/11. The anticipated commencement of oil production in the Cameia and Golfinho fields is set for 2026. These fields are projected to achieve their highest level of output at around 68,978 barrels per day in 2029.

Additionally, TotalEnergies has emphasised its commitment to employing technologies that minimise greenhouse gas emissions. As part of this effort, associated gas from the project will be reinjected into the reservoirs.

The facilities designed for the project have been specifically developed with zero flaring in mind, demonstrating our dedication to environmental sustainability.


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