TotalEnergies to sell its interest in Block 14 in Angola to Somoil

TotalEnergies set to sell its interest in Block 14 in Angola to Somoil [Image: courtesy]
Angola—France’s TotalEnergies and Japan’s Inpex Corporation have signed a deal to offload their non-operated interests in Angola Block 14 and Block 14K to Angolan Company Somoil, both companies said Jan. 17.

Angola Block 14 B.V., owned by TotalEnergies Holdings International B.V. (50.01%) and Inpex Angola Block 14 Ltd (49.99%) holds a 20% interest in block 14 in Angola and a 10% interest in block 14K.

Somoil will acquire the company Angola Block 14 B.V., owned by TotalEnergies Holdings International B.V. (50.01%) and Inpex Angola Block 14 Ltd (49.99%).

The blocks have been produced since 1999. Net production from Angola Block 14 B.V. was 9,000 barrels of oil equivalent per day in 2021.

Henri-Max Ndong-Nzue, Senior Vice President Africa of TotalEnergies Exploration & Production, noted:  “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.”

“TotalEnergies remains the number one energy player in Angola, through its leading operating position in deep-offshore, its interest in Angola LNG, and in a first solar power plant project, Quilemba Solar, located in the southwest of the country.”

According to Japanese oil and gas explorer Inpex said it is reviewing its asset portfolio amid the global trend toward decarbonization.

Angola used to be Africa’s second-largest oil producer until early 2021 but has seen output tumble to 17-year lows. Crude output has averaged around 1.13 million b/d in 2021, down from a 2008 peak of 1.9 million b/d, according to S&P Global Platts estimates.