TotalEnergies has agreed the sale of a 40% stake in Block 20, in Angola’s Kwanza Basin, to Petronas.
The Malaysian-based company will pay $400 million for the stake, with an effective date of January 1, 2023.
Total will keep the role of operator and a 40% stake in Block 20. Sonangol P&P has 20%.
The block holds the Cameia and Golfinho discoveries, around 150 km southwest of Luanda.
The French company plans to install an FPSO on the block, capable of producing 70,000 barrels per day. This will be Total’s seventh FPSO offshore Angola.
“TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza Basin,” said TotalEnergies’ president of exploration and production Nicolas Terraz.
“With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision [FID] for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities.”
Total has identified the Angolan project as one of its near-term FIDs.
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