Total has sold its 15 per cent participating interest in the offshore Angolan Block 15/06 to state-owned firm Sonangol E&P for US$750mn
The transaction is, however, subject to customary approvals, the French oil and gas explorer said.
Jacques Marraud des Grottes, senior vice-president Africa at Total’s Exploration and Production, said, “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.”
Block 15/06 is located approximately 350km northwest of Luanda in deep offshore Angola and covers around 2,984 sq km, with a water depth ranging from 220 metres to 1,700 metres.
The north-western hub of the block, currently under construction, is expected to produce in 2015 and a final investment decision for a north-east project is expected to be taken in 2014, Total added.
Eni holds 35 per cent interest in Block 15/06 with partners Total and Sonangol owning a 15 per cent each. SSI, a joint affiliate of China’s Sinopec and Sonangol, holds 25 per cent.
Statoil and Falcon Oil Angola Investimentos each have a five per cent stake in the block.
