TotalEnergies sells non-operated oil assets to a local company

Total Energy dilutes its portfolio in Angola. The French multinational – with its Japanese partner Inpex – is selling the Angola Block 14 BV joint venture to Somoil, a private Angolan company that has been active for twenty years. TotalEnergies announced this Monday, January 17 in a press release.

Angola Block 14 BV owns 50.01% of TotalEnergies and 49.99% of Inpex, and operates a daily production of 9,000 barrels through two properties. The first, with a 20% stake in Block 14 – off Cabinda, is operated together with the Angolan national company Sonangol, Italy’s Eni and Portugal Galp. Its second stake is 10% in Block 14K located on the border with the Democratic Republic of the Congo (DRC).

According to Henri-Max Ndong-Nzue, Director of Exploration and Production at TotalEnergies in Africa, this transfer is not an isolated act in the French group’s strategy. “By selling this interest in mature fields, TotalEnergies is implementing its strategy and continuing to restructure its portfolio of oil assets, focusing on low-cost assets with low greenhouse gas emissions,” Did he say.

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In fact, the group two years ago began disposing of certain assets that were deemed non-strategic. In Africa, subsidiaries such as those in Sierra Leone and Liberia were sold off in 2020.

Despite the current session, TotalEnergies remains a major player in Angola, with an average national production of 212,000 barrels of oil equivalent per day, from operating blocks 17 and 32, non-operating assets 0, 14, 14 thousand and Angola LNG.

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