TotalEnergies EP Angola has transferred a 40% interest in Block 20 in the Kwanza Basin offshore Angola to Petronas Angola E&P for $400 million.
Following the transaction, TotalEnergies retains operatorship and a 40% interest in the concession, with Sonangol holding the remaining 20%.
Block 20 was formed by presidential decree in July, through the merger of former blocks 21/09 and 20/15 with Block 20/11.
It contains the Cameia and Golfinho oil discoveries, about 150 km southwest of Luanda. The partners plan to develop both through a network of subsea wells connected to a FPSO with a production capacity of 70,000 bbl/d. This will be TotalEnergies’ seventh FPSO operating offshore Angola.
The development will feature technologies to minimize greenhouse-gas emissions, and the facilities will be designed for zero flaring, with the associated gas re-injected into the reservoirs.