Oil and gas supermajor TotalEnergies has finalized the sale of a 40% stake in Block 20 – situated in the Kwazna Basin, offshore Angola – to global energy group, Petonas, for $400 million.
Following the transaction, TotalEnergies will retain operatorship of the block and a 40% interest in the concession. Petronas will own a 40% stake while Angolan National Oil Company, Sonangol, will hold its 20% stake in the block.
TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza Basin,” stated TotalEnergies Exploration and Production President, Nicolas Terraz, adding, “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,”
Situated approximately 150km southwest of Luanda, Block 20 contains the Cameia and Golfinho oil discoveries.
The discoveries will be developed through a system of subsea wells connected to a Floating, Production, Storage and Offloading (FPSO) unit with an oil production capacity of 70,000 barrels per day (bpd) – TotalEnergies’ seventh FPSO operating offshore Angola.
Block 20 was formed by presidential decree in July 2023 following the merger of former Blocks 21/09 and 20/15 with Block 20/11.
The Cameia and Golfinho fields are scheduled to start oil production in 2026 and are expected to reach their peak output of approximately 68,978 bpd in 2029.
Furthermore, TotalEnergies stressed that the project will use technologies to minimize greenhouse gas emissions.
Associated gas from the project will be reinjected into the reservoirs, with facilities for the project being designed to facilitate zero flaring.
