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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Total Starts Up Antwerp Refinery And Petrochem Complex After Upgrade (Nov 30)
- Hoegh LNG: Pakistan LNG Import Project Consortium Folds (Nov 16)
- France's Total Buys Engie's LNG Business For $1.5B (Nov 08)
Company: Sonangol more info
- Buyers Eye Sinopec's Argentina Oil Assets in Sale Worth Up to $1B - Sources (Oct 09)
- US Oil Firm Cobalt Files For Arbitration Against Angola For $2B (May 12)
- US Firm Cobalt Threatens Arbitration Over Angolan Oil Assets (Apr 03)