Oil and gas supermajor TotalEnergies has successfully concluded the sale of a 40% stake in Block 20, located in the Kwanza Basin offshore Angola.
- The stake has been sold to global energy group Petronas for a total of $400 million.
- Despite the sale, TotalEnergies will continue to hold operatorship of the block and maintain a 40% interest in the concession.
- Petronas will now own a 40% stake in the block, while the remaining 20% stake will be retained by the Angolan National Oil Company, Sonangol.
- The partnership between TotalEnergies, Petronas, and Sonangol aims to facilitate the final investment decision for the development of the Cameia and Golfinho fields.
- Block 20, located approximately 150km southwest of Luanda, contains significant oil discoveries in the form of the Cameia and Golfinho fields.
- The development plan for the block involves subsea wells connected to a Floating, Production, Storage, and Offloading (FPSO) unit with a daily oil production capacity of 70,000 barrels, which will be TotalEnergies’ seventh FPSO operating offshore Angola.