Total Sells Interest in Angola Block to Sonangol

French major Total announced Tuesday that it has sold its 15-percent interest in Block 15/06, offshore Angola, to Sonangol E&P for $750 million.

Block 15/06 is located approximately 220miles northwest of Luanda, covering approximately 1,150 square miles with water depths ranging from between 720 feet and 5,575 feet. The northwestern hub of the block is expected to produce in 2015 with a final investment devision for a northeast project expected to be taken in 2014.

Jacques Marraud des Grottes, senior vice-president for Africa at Total Exploration and Production, said in a company statement:

"The sale of our interest in Block 15/06 is in line with Total's global strategy to actively manage its portfolio and focus its investment capability on core assets in which it has more material interests, such as Block 17 with the CLOV project currently under development and the future development of Kaombo on Block 32 in Angola."

The block is currently operated by Italy's Eni, which has a 35-percent stake.

 



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