TotalEnergies EP Angola Block 20 has finalized the sale to Petronas Angola E&P Ltd. (PAEPL) of a 40% interest in Block 20 in the Kwanza Basin in Angola for $400 million. The transaction was set as of 1 January 2023 and is subject to customary price adjustments.
Block 20 contains the Cameia and Golfinho oil discoveries, located around 150 km southwest of Luanda. These discoveries are planned to be developed through a system of subsea wells connected to an FPSO with an oil production capacity of 70,000 B/D, which will be the seventh FPSO developed by TotalEnergies in Angola.
The project will also include the development of a combined cycle turbine for electricity generation and subsea pipelines and additional infrastructure to connect the Cameia and Golfinho wells.
A final investment decision on the estimated $6-billion development is expected prior to year-end.
Following the farm-in agreement, TotalEnergies retains the operatorship and a 40% interest in the block, alongside PAEPL (40%) and Sonangol Pesquisa e Produção S.A. (20%).
Blocks 21/09 and 20/15 were merged into Block 20/11 (Block 20) by presidential decrees in July 2023.
The project also will include the best available technologies to minimize greenhouse gas emissions, and the facilities will be designed for zero flaring, with the associated natural gas production reinjected into the reservoirs.
“TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza basin,” said Nicolas Terraz, president, exploration and production at TotalEnergies. “With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities.”
In May, TotalEnergies and Sonangol signed a heads of agreement with Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), related to the future development of the fields.
“This agreement should allow the first production in the maritime zone of the Kwanza and may contribute decisively for the national production objectives,” said Paulo Jerónimo, chairman of the board of ANPG. “Its potential may generate interest from other operators, including the beginning of other developments on the Kwanza Basin.”
First oil from the project is expected in 2026.
