Total announced the sale of its 15% participating interest in the offshore Angola Block 15/06 to Sonangol E&P.
The transaction is valued at 750 million dollars and remains subject to customary approvals.
“The sale of our interest in Block 15/06 is in line with Total’s global strategy to actively manage its portfolio and focus its investment capability on core assets in which it has more material interests, such as Block 17 with the CLOV project currently under development and the future development of Kaombo on Block 32 in Angola” said Jacques Marraud des Grottes, Senior Vice-President Africa at Total’s Exploration and Production.
Block 15/06 is located approximately 350 km northwest of Luanda in deep offshore Angola and covers approximately 2,984 square kilometres, with a water depth ranging from 220 to 1,700 m.
The north-western hub of the block, currently under construction, is expected to produce in 2015 and a final investment decision for a north-east project is expected to be taken in 2014.
The block is operated by Eni (35%) with partners Total (15%), Sonangol (15%), SSI (a joint affiliate of Sinopec and Sonangol, 25%), Statoil (5%) and Falcon Oil Angola Investimentos (5%).
Total has a 13.6% interest in the Angola LNG project, near Soyo. The LNG plant will initially be supplied with associated gas from fields on blocks 15, 17 and 18 and later on from gas fields on blocks 0 and 14.