Total group sells stake in Angolan oil block

30 May 2013

French oil group Total plans to sell a stake in an Angolan offshore oil block to Angola’s Sonangol Pesquisa e Produção as part of a an asset sale programme, financial news agency Bloomberg reported.

The news agency said that Total would sell 15 percent of its stake in block 15-06 operated by Italian group ENI off the coast of Angola, citing group spokeswoman Anastasia Zhivulina, who confirmed that the negotiation process was underway but declined to name figures.

According to the agency, the French group plans to raise between US$15 billion and US$20 billion by 2014 by selling assets, and in Angola has already sold 10 percent stake in block 14 to Japan’s Inpex Corp.

Sonangol, which already owns 15 percent of the block, located 120 kilometres off the coast, has first option to buy if one of the partners offers to sell. The block’s partners include the ENI group and Sonangol Sinopec International Angola Lda, each with 25 percent, Norway’s Statoil ASA and Falcon Oil Holding Angola with 5 percent each. (macauhub)