French oil group Total has sold a 15 percent stake in an Angolan offshore oil block to Angola’s Sonangol for US$750 million, the group said in a statement.
“The sale of our stake in block 15/06 is in line with Total’s global strategy actively to manage its portfolio and focus its investment on assets in which it has a larger stake,” said Jacques des Grottes Marraud, Total’s vice president for Exploration and Production in Africa.
He also noted the group’s interest in boosting its activity in block 17, with the CLOV project, which is under development as well as in the Kaombo well, in block 32 of the Angolan sea.
The CLOV project, which was launched in 2010 and includes the Cravo, Lírio, Orquídea and Violeta oil fields, is explored by a consortium led by Total (40 percent) and also includes Norway’s Statoil (23.3 percent), US company Esso (20 percent) and BP (16.7 percent).
Block 15/06 is located around 350 kilometres northwest of Luanda, in deep waters and covers around 2,984 square kilometres.
The block is operated by Italy’s ENI (35 percent) and its partners are now Sonangol (30 percent), SSI, a partnership of China’s Sinopec and Sonangol (25 percent), Norway’s Statoil (5 percent) and Angola’s Falcon Oil Angola Investimentos (5 percent), which is owned by Angolan businessman António Mosquito. (macauhub)