TotalEnergies sells stake in offshore play in Angola

TotalEnergies sells shares in offshore play in Angola

LUANDA, September 28, 2023 – TotalEnergies has finalised the sale of a 40% stake in offshore Block 20 in Angola to Malaysia’s Petronas for USD 400 million, the French energy giant announced on Thursday.

Block 20 contains the Cameia and Golfinho oil discoveries and is located around 150 kilometres from Luanda.

TotalEnergies has retained a 40% operating stake in the play, with Angola’s Sonangol holding the remaining 20% stake.

In May 2023, Angola signed a heads of agreement with TotalEnergies to develop the offshore Cameia and Golfinho fields in the Kwanza basin.

The project will consist of an FPSO – TotalEnergies’ seventh in the country – connected to a subsea network and is expected to produce around 70,000 boepd.

The deal is seen as a move towards the project’s FID, which is expected in 2023 following government approvals.

“With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities”, said Nicolas Terraz, president of exploration and production of TotalEnergies.

The year 2023 marks 70 years of activity for TotalEnergies in Angola.

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