TotalEnergies Continues Commitment to Angola’s Energy Landscape with Block 20 Deal

Posted on 28, September 2023 by | This entry was posted in Energy, Gas & Oil, France, Industrial, Investment and tagged , , , , , , , , , , , , . Bookmark the permalink.

TotalEnergies Continues Commitment to Angola’s Energy Landscape with Block 20 Deal

(IN BRIEF) TotalEnergies EP Angola Block 20 has completed the sale of a 40% stake in Block 20, located in Angola’s Kwanza Basin, to PETRONAS ANGOLA E&P LTD (PAEPL), a PETRONAS subsidiary, for $400 million as of January 1, 2023. TotalEnergies retains operatorship and a 40% interest in Block 20, alongside PAEPL (40%) and Sonangol Pesquisa e Produção S.A. (20%). Block 20 holds the Cameia and Golfinho oil discoveries, and the plan is to develop them with a Floating Production, Storage, and Offloading unit (FPSO) designed for zero flaring and minimal greenhouse gas emissions. This marks TotalEnergies’ seventh FPSO project in Angola and reinforces its commitment to responsible energy development in the region.

(PRESS RELEASE) PARIS, 28-Sep-2023 — /EuropaWire/ — TotalEnergies (EPA:TTE), a global multi-energy company with over 100,000 employees and presence in more than 130 countries as well as the world’s 3rd-largest low-carbon LNG company, announces that TotalEnergies EP Angola Block 20 has successfully completed the sale of a 40% interest in Block 20, located in the Kwanza Basin in Angola, to PETRONAS ANGOLA E&P LTD (PAEPL), a subsidiary of the PETRONAS group. The transaction, valued at $400 million as of January 1st, 2023, and subject to customary price adjustments, strengthens TotalEnergies’ strategic position in the region.

Under the terms of the agreement, TotalEnergies will retain both operatorship and a 40% interest in Block 20, while PAEPL will also hold a 40% stake, with the remaining 20% interest owned by Sonangol Pesquisa e Produção S.A.

Block 20 encompasses the promising Cameia and Golfinho oil discoveries, situated approximately 150 km southwest of Luanda. The development plan for these discoveries involves a system of subsea wells connected to a Floating Production, Storage, and Offloading unit (FPSO) with a substantial oil production capacity of 70,000 barrels per day. This FPSO project marks TotalEnergies’ seventh in Angola, demonstrating our commitment to the region’s energy landscape.

The development of Block 20 will incorporate cutting-edge technologies aimed at minimizing greenhouse gas emissions, in line with our sustainability objectives. Additionally, the facilities will be designed for zero flaring, with all associated gas efficiently reinjected into the reservoirs, aligning with TotalEnergies’ commitment to environmental responsibility.

This strategic transaction underscores TotalEnergies’ dedication to unlocking the full potential of Angola’s energy resources while ensuring responsible and sustainable development.

“TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza basin. 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, Exploration & Production at TotalEnergies.

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About TotalEnergies in Angola

Present in Angola since 1953, TotalEnergies employs 1,500 people in different business segments. With a diversified business portfolio, from deep offshore assets that represents around half of the country’s oil production, service stations in partnership with Sonangol and renewables, TotalEnergies in Angola is a key actor for an equitable energy transition of the country.

About Block 20

Blocks 21/09 and 20/15 were merged into Block 20/11 (“Block 20”) by presidential decrees in July 2023.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

TotalEnergies Contacts

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Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

SOURCE: TotalEnergies

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