• Sunday, February 25, 2024
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BusinessDay

Total sells interest in Angola block to Sonangol

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FRANCE TOTAL UTS ENERGYFrench major To¬tal has announced that it has sold its 15percent interest in Block 15/06, offshore Angola, to Sonangol E&P for $750 million.

Block 15/06 is located approximately 220miles northwest of Luanda, cov¬ering approximately 1,150 square miles with water depths ranging from be¬tween 720 feet and 5,575 feet. The northwestern hub of the block is expected to produce in 2015.

Jacques Marraud des Grottes, se¬nior vice-president for Africa at Total Exploration and Production, said in a company statement that “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 proj¬ect currently under development and the future development of Kaombo on Block 32 in Angola.”

The block is currently operated by Italy’s Eni, which has a 35-percent stake.