Sirius-Somoil JV acquires interests offshore Angola

A JV between Africa-focused Sirius Petroleum and Angolan independent Somoil has signed a USD 335.5-million sale and purchase agreement with NOC Sonangol to acquire interests in three blocks offshore Angola, the partners announced on Wednesday.

Under the agreement, the Sirius-Somoil consortium will take an 8.28% share of Block 18, a 10% share of Block 31, and a 25% share of Block 27. The former two are producing assets, while the latter is in its exploration phase.

Block 31 consists of the Plutão, Saturno, Vénus and Marte oilfields. The concession is currently operated by BP with a 26.67% stake along with partners Equinor with a 13.3% stake, Sinopec with a 15% stake and Sonangol with the remaining 45% stake. Current production from the asset is around 80,000 bopd.

Eight finds have been made on Block 18. The producing Greater Plutonio complex consists of the Galio, Cromio, Cobalto, Paladio and Plutonio fields. Production began in 2007 and currently averages 80,000 bopd. The resource is expected to contain around 220 million barrels of 2P and 2C reserves.

Production from blocks 18 and 31 is currently around 160,000 bopd, with the JV entitled to an average of 15,000 bopd.

The acquisitions are subject to regulatory approval.

Completion of the deal is expected in 2022.