Total will sell its 15% participating interest in the offshore Angola Block 15/06 to Sonangol E&P, for US$750m (transaction subject to customary approvals). The north-western hub of the block, currently under construction, is expected to produce in 2015 and a final investment decision for a north-east project is expected to be taken in 2014. The block is operated by Eni (35%) with partners Total (15%), Sonangol (15%), SSI (a joint affiliate of Sinopec and Sonangol, 25%), Statoil (5%) and Falcon Oil Angola Investimentos (5%).
The sale of this 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 and the future development of Kaombo on Block 32 in Angola. Total has been present in Angola since 1953. In 2013, Total’s equity production amounted to 186,000 boe/d. Most of this production comes from Blocks 17, 0 and 14. At the end of 2013, Total’s operated production was around 600,000 boe/d, making it the country’s leading oil operator.
Source: Total