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January 17, 2022

TotalEnergies, Inpex to sell Angolan subsidiary to Somoil

Last year, Angola Block 14 B.V's net production stood at 9,000 barrels of oil equivalent per day.

TotalEnergies and Japan’s Inpex have agreed to sell their stakes in the company Angola Block 14 B.V. to the local firm Somoil.

TotalEnergies Holdings International currently owns a 50.01% stake in Angola Block 14 B.V, while Inpex Angola Block 14 owns the remaining 49.99% stake.

Angola Block 14 B.V. owns a 20% interest in block 14 in Angola, and a 10% interest in block 14K. The offshore blocks started production in 1999.

In 2021, Angola Block 14 B.V. had a net production of 9,000 barrels of oil equivalent per day.

TotalEnergies Exploration and Production Africa senior vice-president Henri-Max Ndong-Nzue said: “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 deep-offshore, its interest in Angola LNG and in a first solar power plant project, Quilemba Solar, located in the southwest of the country.”

The transaction is conditional on approval from the Angolan authorities.

In Angola, TotalEnergies operates close to 45% of the country’s operated oil production.

In December 2021, TotalEnergies divested some of its assets in Gabon to Perenco for approximately $350m, before final adjustments.

Under the deal, French energy group subsidiary TotalEnergies EP Gabon offloaded its non-operated stakes in seven mature offshore fields to Perenco Oil and Gas Gabon.

The seven fields, which included Grondin, Gonelle, Barbier, Mandaros, Girelle, Pageau and Hylia, produced an average of 8,400 barrels of oil equivalent per day during the first three quarters of 2021.

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