Total Sells Share in Block Offshore Angola for $750 M
Total announces 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.
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%).