Total is to sell its 15% interest in the offshore Angola Block 15/06 to Sonangol E&P for about $US750 million.
“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
Block 15/06 is about 350km northwest of Luanda in deep offshore Angola and covers about 2984sq km, with 220-1700m water depth.
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%).