TotalEnergies sells 40% interest of oil assets offshore Angola to PETRONAS for $400 million

(WO) – TotalEnergies EP Angola Block 20 has finalized the sale of a 40% interest in Block 20 in the Kwanza basin in Angola to PETRONAS ANGOLA E&P LTD (PAEPL), a company belonging to the PETRONAS group of companies, for $400 million.

Block 20 contains the Cameia and Golfinho oil discoveries, located around 150 km southwest of Luanda. These discoveries are planned to be developed through a system of subsea wells connected to an FPSO (Floating Production, Storage and Offloading unit) with an oil production capacity of 70,000 bpd, which will be the seventh FPSO developed by TotalEnergies in Angola.

The project will include the best available technologies to minimize greenhouse gas emissions, and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.

Present in Angola since 1953, TotalEnergies employs 1,500 people in different business segments. With a diversified business portfolio, from deep offshore assets that represents around half of the country’s oil production, service stations in partnership with Sonangol and renewables, TotalEnergies in Angola is a key actor for an equitable energy transition of the country.

Blocks 21/09 and 20/15 were merged into Block 20/11 ("Block 20") by presidential decrees in July 2023.

TotalEnergies retains the operatorship and a 40% interest in Block 20, alongside PAEPL (40%) and Sonangol Pesquisa e Produção S.A. (20%).