TotalEnergies, a globally recognized energy player, has formally announced its strategic decision to sell a 40% stake in the much-discussed Block 20, strategically situated in Angola’s oil-rich Kwanza Basin, to Petronas, Malaysia’s leading energy corporation. The value of this notable transaction stands at an impressive $400 million, with both parties agreeing to have the sale come into effect starting January 1, 2023.
Interestingly, even after parting with such a significant stake, TotalEnergies remains steadfast in its commitment to the project. The company will continue in its pivotal role as the primary operator of Block 20, maintaining ownership of another 40% stake. Sonangol P&P, an entity owned by the Angolan government, possesses the remaining 20%, demonstrating the state’s vested interest in the project’s success.
Block 20 is not just any regular oil field; it houses the prominent Cameia and Golfinho oil discoveries, both of which are located about 150 kilometers away from Luanda, the bustling capital city of Angola. Reflecting its innovative approach and commitment to maximizing the block’s potential, TotalEnergies has articulated its ambitious plans to introduce a state-of-the-art Floating Production Storage and Offloading (FPSO) vessel in the area. This advanced FPSO, boasting a significant production threshold of 70,000 barrels daily, will be the seventh of its kind that Total has strategically positioned along Angola’s extensive coastline.
Speaking on the new partnership, Nicolas Terraz, who heads exploration and production at TotalEnergies, couldn’t hide his excitement. “Integrating Petronas, a strategic ally we hold in high regard, into the Block 20 operations in the Kwanza Basin is a move we’re truly thrilled about,” he remarked with evident enthusiasm.
Further emphasizing the collaborative spirit, he stated, “Our collaboration with both Sonangol and Petronas forms a powerful triad. We firmly believe that this combined strength and shared vision will guide us to a decisive final investment verdict on how best to develop the promising Cameia and Golfinho fields. In this endeavor, we’re also grateful for the unwavering support from the Angolan government.”
Underlining the project’s importance in its global portfolio, TotalEnergies has identified the Angolan Block 20 as a top priority, signaling its intent to make an upcoming final investment decision related to it.
SOURCE: Energy voice
