Petronas, the Malaysian energy giant, is set to become a significant player in Angola’s oil and gas sector following its acquisition of a 40% stake in Block 20/11, previously operated by TotalEnergies.
The transaction, valued at approximately $400 million, was successfully completed, as confirmed by the National Agency for Petroleum, Gas and Biofuels (ANG).
TotalEnergies EP Angola officially sold its 40% share in Block 20/11, located in the Kwanza Basin, to Petronas Angola E&P LTD (PAEPL), a subsidiary of the Malaysian Petronas group.
TotalEnergies, which had previously held an 80% participating interest, now retains a 40% stake, with PAEPL owning another 40%, and Sonangol Pesquisa e Produção S.A. holding the remaining 20%.
The transaction received the necessary authorization through Legislative Decree No. 205/23, signed by Diamantino Azevedo, the Minister of Mineral Resources, Oil, and Gas.
The president of the Board of Directors of ANPG, Paulino Jerónimo, welcomed the successful conclusion of this transaction, emphasizing Angola’s attractiveness as a secure destination for investments by operating companies.
ANPG, as the national concessionaire, remains committed to creating an investment-friendly environment in the Angolan oil sector.
Nicolas Terraz, the General Director of Research and Production at TotalEnergies, extended a warm welcome to Petronas and highlighted the strong partnership with Sonangol and Petronas in Block 20/11.
This partnership is poised to facilitate the final investment decision for the development of the Cameia and Golfinho oil discoveries, which are situated approximately 150 kilometers southwest of Luanda.
The development plan includes a network of subsea wells connected to an FPSO (Floating Production Storage and Offloading) unit, boasting a production capacity of 70,000 barrels per day.
