Page 8 - AfrOil Week 03 2022

AfrOil INVESTMENT AfrOil

TotalEnergies, Inpex sell stakes in

mature Angola oil assets to Somoil

ANGOLA FRANCE’S TotalEnergies and Japan’s Inpex “TotalEnergies remains the number one
have announced they will offload their non-op- energy player in Angola, through its leading
erated interests in two blocks offshore Angola to operating position in deep-offshore, its interest
a privately-owned domestic company, Somoil. in Angola LNG and in a first solar power plant
The deal will see Somoil – a wholly owned project, Quilemba Solar, located in the south-
subsidiary of Sociedade Petrolifera Angolana west of the country,” Ndong-Nzue said.
– acquiring Angola Block 14 BV (AB14BV), AB14BV had a non-operated interest in a
which is jointly owned by TotalEnergies Hold- number of mature oil assets offshore Angola –
ings International BV (50.01%) and Inpex namely, the offshore oilfields Kuito and Lianzi.
Angola Block 14 Ltd (49.99%). Kuito was the first deepwater oilfield developed
AB14BV holds a 20% interest in Block 14 off- at Block 14, but production stopped in late
shore Angola and a 10% interest in Block 14K. 2013, according to S&P Global Platts. Lianzi lies
The two offshore blocks have been in produc- within Block 14K, while Block 14 also contains
tion since 1999. Block 14K straddles the mari- the Benguela Belize-Lobito Tomboco, Belize
time border between Angola’s Cabinda exclave North, Benguela North, Tombua, Landana,
and the Republic of Congo, while Block 14 lies Lucapa and Malange fields.
entirely within Angola’s offshore zone. Under the deal, Somoil will have access to
Block 14 is being developed by a group that both of these offshore blocks, which have been
includes the main subsidiary of Chevron (US) in producing since 1999. Net production from
Angola, Cabinda Gulf Oil Co. Ltd (CABGOC), AB14BV was 9,000 barrels of oil equivalent per
with a 31% stake (operator); Sonangol E&P, a day (boepd) in 2021. ™
subsidiary of the national oil company (NOC)
Sonangol, with 20%; AB14BV, with 20%; Eni
(Italy) with 20%; and Galp (Portugal), with 9%.
The Block 14K contractor group includes
Total Congo and Total Angola, two TotalEner-
gies subsidiaries, with 26.75% and 10% respec-
tively; Chevron Overseas Congo Ltd, another
Chevron suubsidiary, with 15.75% (operator);
CABGOC, with 15.5%; Eni, with 10%; Sonan-
gol, with 10%; Société Nationale des Pétroles du
Congo (SNPC), the NOC of the Republic of the
Congo, with 7.5%; and Galp, with 4.5%.
“By divesting this interest in mature fields,
TotalEnergies is implementing its strategy
to high-grade its oil portfolio, focusing on
assets with low costs and low emissions” said
Henri-Max Ndong-Nzue, senior vice-pres-
ident Africa of TotalEnergies Exploration &
Production. Blocks 14 and 14K lie offshore Cabinda province (Image: Chevron)

PERFORMANCE
PIA, Dangote seen helping Nigeria in 2022

NIGERIA A Nigerian economic advocacy group this week for the Promotion of Private Enterprise (CPPE)
highlighted the activation of the Petroleum said insecurity, fiscal and foreign exchange rigid-
Industry Act (PIA) and the launch of operations ity, barriers to trade and electioneering ahead of
at the Dangote Refinery as the keys to the coun- next year’s vote were likely to compound the
try’s economic recovery in 2022. challenges facing Nigeria as it looks to rebound
Presenting its outlook for 2022, the Centre from the coronavirus (COVID-19) pandemic.

P8 www. NEWSBASE .com Week 03 19•January•2022