French energy giant Total is selling off its interests in a deep offshore Angola block in a deal worth around £460million.
Total is selling its 15% participating interest in the 15/06 block to Sonangol E&P, which already holds a 15% interest in the block.
The block is located around 350km north-west of Luanda in deep offshore Angola, covering around 2,894km2.
It is operated by Eni (35%) with partners Total (15%), Sonangol (15%), SSI (a joint venture between Sinopec and Sonangol with 25% interest), Statoil (5%) and Falcon Oil Angola Investimentos (5%).
“The sale of our interest in Block 15/06 is in line with Total’s global strategy to actively manage its portfolio and focus its investments on core assets in which it has more material interests,” said the firm’s senior vice president for Africa Jacques Marraud des Grottes.
Total has been active in Angola since 1953; at the end of last year its operated production in the country was around 600,000 barrels of oil equivalent a day, making it the country’s leading oil operator.
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