Africa Oil Business News

Sat03292014

Last update02:56:27 PM

Total Sells Angola Stake

Total has sold off its 15% participating interest in the ENI-operated Block 15/06 to Sonangol E&P. The transaction is valued at $750 million and remains subject to customary approvals.

Block 15/06 is located approximately 350 km northwest of Luanda in deep offshore Angola and covers approximately 2,984 sq km, with a water depth ranging from 220 to 1,700 meters. The block contains a number of discoveries including the Nzanza-1, Cinguvu-1, and more recently the Vandumbu-1 ST in March 2013.

The exploration partners have launched development of the discoveries in the northwest section of the block. Construction has begun and is expected to begin producing in 2015. A development project on the northeast portion of the block should see the FID made this year.

Petroleum Africa

Follow us on Twitter

  Become a Member of our Linkedin Group

Follow us on Facebook