French group Total authorised to sell stake in Angolan oil block

16 January 2015

French group Total has been authorised by the Angolan Oil Ministry to sell to 7.5 percent of its stake in the 39/11 oil block in the Angolan sea to Norway’s Statoil.

According to the ministerial authorisation for the transaction, of 9 January with this sale, the value of which was not disclosed, Statoil now has a majority stake (37.5 percent) in the company operating the block.

Total’s stake in the block’s Oil Sharing and Production contract, for oil exploration in ultra-deep water, will be reduced to 7.5 percent, after the completion of the sale.

In this deal, according to the executive decree signed by Oil minister, Botelho de Vasconcelos, state company Sonangol (30 percent stake) “did not exercise its preferential right to buy,” allowing the sale to Statoil.

The company that operates the block (CPP) also includes WRG Angola (15 percent) and Colombia’s Ecopetrol (10 percent). (macauhub/AO)