TTA: TOTAL: Angola: Total to sell an interest in Block 14 to INPEX
UK Regulatory Announcement
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) today announced that it has agreed to
sell to INPEX CORPORATION a 9.99% indirect interest in offshore Angola Block
14. Thetransaction remains subject to the approval of Angolan authorities.
Block 14 is located approximately 100 km offshore from Cabinda in Angola and
covers approximately 4,094 km^2 with a water depth ranging from 200m to
1,500m. Block 14 started production in 1999 and currently produces in excess
of 160,000 barrels of oil per day (boe/d) of medium light crude oil. Block 14
is operated by Cabinda Gulf Oil Company Limited (31%) and other partners
alongside Total (20%) are Sonangol Pesquisa e Produção, S.A. (20%), Eni Angola
Exploration, B.V. (20%) and Galp Exploração e Produção Petrolífera, S.A (9%).
Total’s 20% share of Block 14 will be transferred to a newly formed Total
affiliate – Angola Block 14 B.V. – in which INPEX will become a shareholder.
Total Exploration & Production in Angola
Total has been present in Angola since 1953. In 2011, Total’s SEC* equity
production amounted to 135,000 barrels of oil equivalent per day. Most of this
production comes from Blocks 17, 0 and 14. At the end of 2011, Total operated
640,000 barrels of oil equivalent per day, making it the country’s leading oil
Total's main asset in Angola is deepwater Block 17, which it operates with a
40% interest. The block contains four major hubs: Girassol-Rosa, Dalia and
Pazflor, which are currently in production; and CLOV (Cravo, Lirio, Orquidea
and Violeta), whose development was launched in 2010.
The Group also operates the ultra-deepwater Block 32, in which it holds a 30%
stake. Twelve discoveries have confirmed the block's potential for oil
production, and development studies are underway on a first production area in
the central southeastern sector of the block.
In addition, the Angola LNG project is building a liquefaction plant near Soyo
to bring the country’s natural gas reserves to market. Total has a 13.6%
interest in the project. The plant will initially be supplied with associated
gas from fields on Blocks 15, 17 and 18 then also from gas fields on Blocks 0
In Angola, as in all its host countries, Total makes sure that health, safety
and the environment are paramount priorities. In addition, Total is committed
to developing the local oil industry by recruiting and training local workers.
Total is strengthening the local economy through its ambitious
“Angolanization” and technology transfer plan.
Total E&P Angola implements a transparent, wide-reaching corporate social
responsibility process focused on three main areas: health, education and
local economic development.
*SEC: U.S. Securities and Exchange Commission
* * * * *
Total is one of the largest integrated oil and gas companies in the world,
with activities in more than 130countries. The Group is also a first rank
player in chemicals. Its 96,000employees put their expertise to work in every
part of the industry – exploration and production of oil and natural gas,
refining and marketing, new energies, trading, and chemicals. Total is working
to help satisfy the global demand for energy, both today and tomorrow.
Tel. : (33) 1 47 44 58 53
Fax : (33) 1 47 44 58 24
Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070
Fax: (1) 713-483-5629
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