Somoil purchases shares in offshore Angola plays

Somoil buys shares in offshore Angola plays

LUANDA, January 19, 2022 – Somoil* has signed a sales agreement with TotalEnergies and its Japanese partner Inpex Corporation to purchase shares in offshore blocks 14 and 14A, the Angolan private operator announced on Tuesday.

Somoil will acquire oil and gas shareholder Angola Block 14, which holds a 20% stake in Block 14 and a 10% stake in Block 14A. The company is currently owned by TotalEnergies with a 50.01% share and Inpex with 49.99%.

The deal includes the Kuito and Lianzi offshore fields, which sit offshore on the Congo Basin in water depths of 350-1,000 metres.

Angola Block 14 produced 9,000 boepd net in 2021.

TotalEnergies remains in Angola through its deep offshore assets, its interest in Angola LNG and its involvement in Quilemba Solar, the country’s first solar power development.

“This represents a huge step for Somoil and Angolan companies in the oil and gas sector; Somoil will now be present in a major deepwater producing asset with an excellent history and track record, which is part of our growth strategy,” Somoil CEO Edson Rodrigues Dos Santos said.

For more on Somoil’s strategy, read our latest interview with Edson Rodrigues Dos Santos.

*(Somoil was renamed Etu Energias in 2023)

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