TTA: TOTAL: Angola: Total sells its 15% interest in Block 15/06 to Sonangol
UK Regulatory Announcement
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) 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
“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 Africaat Total’s Exploration and Production.
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 1,700m.
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(ajoint affiliate of Sinopec and Sonangol, 25%), Statoil (5%) and Falcon
Oil Angola Investimentos (5%).
Total Exploration & Production in Angola
Total has been present in Angola since 1953. In 2013, Total’s SEC* equity
production amounted to 186,000 barrels of oil equivalent per day (boe/d). Most
of this production comes from Blocks 17, 0 and 14. At the end of 2013, Total’s
operated production was around 600,000 boe/d, making it the country’s leading
Block 17, where the Group is operator with a 40% interest, is Total's main
asset in Angola. The block contains four major hubs: Girassol-Rosa, Dalia and
Pazflor, which are currently in production; and CLOV pooling the discoveries
of Cravo, Lirio, Orquideaand Violeta. CLOV’s development was launched in 2010
and is expected to start-up in 2014.
Total is also operator of the ultra-deepwater Block 32, in which it holds a
30% stake. Twelve discoveries have confirmed the block's potential for oil
production, and studies are underway for a development in the central
southeastern sector of the block, theKaombo development project.
In addition, the Angola LNG project (Total 13.6%), near Soyo, is bringing the
country’s natural gas reserves to market. The LNG plant will initially be
supplied with associated gas from fields on blocks 15, 17 and 18 and later on
from gas fields on blocks 0and14.
In Angola, as in all its host countries, the Group ensures that health, safety
and environment are paramount priorities. Moreover, Total is committed to
developing the Angolan oil industry by recruiting and training local
workforce. 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 97,000employees 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
Press spacebar to pause and continue. Press esc to stop.