French oil major TotalEnergies has successfully completed a deal to sell a 40% interest in offshore Block 20, located in the Kwanza Basin in Angola, to Malaysia's Petronas for $400 million, with an effective date of January 1st, 2023, subject to customary price adjustments.
Despite the sale, TotalEnergies will retain operatorship and a 40% interest in Block 20. Sonangol Pesquisa e Produção S.A. will hold the remaining 20% stake in the block.
Block 20 encompasses the Cameia and Golfinho oil discoveries, situated approximately 150 km southwest of Luanda. The development plan for these discoveries involves the use of subsea wells connected to a Floating Production, Storage, and Offloading unit (FPSO) with a daily oil production capacity of 70,000 barrels. This FPSO marks the seventh such unit developed by TotalEnergies in Angola.
TotalEnergies emphasized its commitment to environmental responsibility, stating that the project would incorporate the best available technologies to reduce greenhouse gas emissions. Additionally, the facilities will be designed for zero flaring, with associated gas being reinjected entirely into the reservoirs.
The collaboration with Petronas and Sonangol is expected to support the final investment decision for the development of the Cameia and Golfinho fields in Block 20. This strategic partnership will involve cooperation with Angolan authorities to advance the project.