French oil major TotalEnergies has sold a 40% interest in the offshore Block 20 in the Kwanza Basin in Angola to Malaysia's Petronas.
The transaction was completed for an amount of $400 million as at January 1st, 2023, subject to customary price adjustments.
TotalEnergies retains the operatorship and a 40% interest in Block 20, alongside Petronas (40%) and Sonangol Pesquisa e Produção S.A. (20%).
Block 20 contains the Cameia and Golfinho oil discoveries, located around 150 km southwest of Luanda.
These discoveries are planned to be developed through a system of subsea wells connected to an FPSO (Floating Production, Storage, and Offloading unit) with an oil production capacity of 70,000 barrels per day, which will be the seventh FPSO developed by TotalEnergies in Angola.
TotalEnergies said that the project would include the best available technologies to minimize greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.
“TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza basin. With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities”, said Nicolas Terraz, President, of Exploration & Production at TotalEnergies.