TotalEnergies Sells Angola Company

TotalEnergies Sells Angola Company
TotalEnergies said the transaction is subject to the approval of the Angolan authorities.

TotalEnergies has announced that it has signed an agreement to sell, jointly with Inpex, the company Angola Block 14 B.V. to the Angolan company Somoil.

Owned by TotalEnergies Holdings International B.V. (50.01 percent) and Inpex Angola Block 14 Ltd (49.99 percent), Angola Block 14 B.V. holds a 20 percent interest in block 14 in Angola and a 10 percent interest in block 14K. TotalEnergies, which did not reveal the value of the deal, said the transaction is subject to the approval of the Angolan authorities. 

“By divesting this interest in mature fields, TotalEnergies is implementing its strategy to high-grade its oil portfolio, focusing on assets with low costs and low emissions,” Henri-Max Ndong-Nzue, Africa Senior Vice President of TotalEnergies Exploration & Production, said in a company statement.

“TotalEnergies remains the number one energy player in Angola, through its leading operating position in deep-offshore, its interest in Angola LNG and in a first solar power plant project, Quilemba Solar, located in the southwest of the country,” the TotalEnergies VP added in the statement.

TotalEnergies has been active in Angola since 1953 and employs more than 1,100 people in the country, according to its website. Last month, the company announced the start of production of CLOV Phase 2 in the country, which is described as a project connected to the existing CLOV FPSO. This tie-back project will reach a production of 40,000 barrels of oil equivalent per day in mid-2022, according to TotalEnergies.

In December, TotalEnergies announced the closing of its agreement to divest to Perenco Oil and Gas Gabon the Cap Lopez Terminal and non-operated assets of its 58 percent owned affiliate TotalEnergies EP Gabon. In July, the company revealed that it had decided to transfer its non-operated minority participation of 30.32 percent in Petrocedeño S.A. to Corporation Venezonala de Petróleos (CVP), an affiliate of Petróleos de Venezuela (PDVSA). In January, the company announced that it had completed the divestment of its 10 percent interest in onshore Oil Mining Lease (OML) 17 to the Nigerian company TNOG Oil & Gas Limited.

To contact the author, email andreas.exarheas@rigzone.com


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