Total Group announces final investment decision for an oil project in Angola

30 May 2018

French group Total has reached an agreement with its partners to approve the final investment decision of the Zinia 2 project in block 17, 150 kilometres off the coast of Angola in deep waters, according to a statement released this week by the group.

The project, which will require an investment of US$1.2 billion, is expected to produce 40,000 barrels of oil per day and includes nine wells with depths ranging from 600 to 1,200 metres.

“Zinia 2 opens a new chapter in the history of Block 17, allowing it to increase its profitability and adding more barrels to the 2.6 million barrels already produced,” said Arnaud Breuillac, president of Total Exploration and Production, quoted in the statement.

Total is the operator of block 17, with a 40% stake, with the remaining partners being Equinor (23.33%), ExxonMobil (20%), BP (16.67%), and concessionaire Sonangol holds the remaining 20%.

During an official visit to France by the Angolan President, João Lourenço, the chief executive of the Total group, Patrick Pouyanné, signed several agreements with his Sonangol counterpart, Carlos Saturnino, covering upstream and downstream oil activities in Angola.

The agreements signed are related to the deepwater Block 48 exploration license, a future partnership to operate a network of service stations in Angola, and a third to award 50 scholarships for young Angolans to study at French universities. (macauhub)