French group Maurel & Prom buys stakes in two oil blocks in Angola

21 August 2019

French group Maurel & Prom has expanded its presence in Angola by buying a 20% stake in two Angolan offshore oil blocks from Japan Oil Co for US$35 million, the group said in a statement issued recently in Paris.

The statement issued by the group said that the acquisition of the stakes is the result of “investor-friendly (…) regulatory and political developments” that are taking place in Angola.

Maurel & Prom CEO Michel Hochard said in the statement that the acquisition of stakes in two shallow-water blocks expands the group’s presence in Angola and is “a significant step in our growth strategy.”

One of the two blocks, 3/05, has been in operation since the 1980s and has a license until June 2025 and the second, 3/05A, has two commercial fields and a new discovery has been registered there.

Angola Japan Oil Co is a company controlled by the Mitsubishi group, with the remaining partners in these blocks being state-owned Sonangol, the China Sonangol partnership, Italy’s ENI group, Somoil, of the Angolan Serena group, Portugal’s Naftgas and Croatian company INA-Nafta.

The French group, besides Angola, has operations in Gabon, Namibia, Nigeria and Tanzania. (Macauhub)