Four hundred million US dollars was the amount that oil company TotalEnergies Angola raised in the sale of 40% of its shares in Block 20/11 to Petronas Angola E and P LTD (PAEPL), a company belonging to the Malaysian business group.
According to the National Agency of Petroleum, Gas and Biofuels (ANPG), with the entry of Petronas in this oil block, located in the Kwanza Basin, in Angola, TotalEnergies, which held 80% of the participatory interest, maintains its position as operator.
However, TotalEnergies currently holds 40% of shares, while PAEPL holds the other 40% and the remaining 20% is held by Sonangol Pesquisa e Produção S.A. (the research and development arm of the Angolan oil company).
According to the ANPG, the transaction was authorised by the Ministry of the Interior through Legislative Decree 205/23 of 13 September, signed by the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo.
According to the ANPG website, Block 20/11 contains the Cameia and Golfinho oil discoveries, locat
ed about 150 kilometers southwest of Luanda. The development of these discoveries will comprise a system of subsea wells connected to a floating FPSO-type unit, with a production capacity of 70,000 barrels per day.
It also clarifies that the project will include the best available technologies to minimise greenhouse gas emissions and the facilities will be designed to have zero gas flaring, with the associated gas being entirely reinjected into the reservoirs.
For the ANPG’s CEO, Paulino Jerónimo, this achievement reaffirms the institution’s role as a catalyst for investment in the sector.
“We welcome the outcome of yet another negotiation process between operating companies that have chosen our market as a safe destination for their investments. The ANPG, as the National Concessionaire, will continue to drive the necessary environment to bring in new investors and ensure speedy processes to the satisfaction of all those involved in the Angolan oil sector,” he said.
In turn, TotalEnergies’ General Manager
for Exploration and Production, Nicolas Terraz, considered Petronas to be one of its strategic partners in Block 20/11 in the Kwanza Basin.
“With Sonangol and Petronas, we have thus established a solid partnership that collectively will allow us to make the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities,” he said.
Source: Angola Press News Agency