Somoil moves on deepwater blocks in Angola

Somoil* has signed an agreement with TotalEnergies and Inpex to take stake in two deepwater blocks in Angola, the Angolan E&P company announced on Thursday.

Under the agreement, Somoil will take 20% and 10% stakes in blocks 14 and 14K respectively.

The producing Block 14 is located around 100 kilometres off the coast of Cabinda and covers an area of around 4,090 kilometres.

The concession is operated by Chevron with a 31% stake, with Sonangol holding 20% interest, Eni holding a 20% interest and Galp holding the 9% remaining shares.

Block 14K is also operated by Chevron with a 15.75% stake, with partners TotalEnergies, Cabinda Gulf Oil Company holding, Eni, Sonangol, Société Nationale des Pétroles du Congo and Galp holding shares.

“This acquisition represents a huge step in our strategy of entering into deepwater producing assets as well as a great step for building an increasingly diversified portfolio,” said Edson R. Dos Santos, CEO and chairman of Somoil.