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French energy company TotalEnergies has closed the sale of a 40% stake in Block 20 in the Kwanza Basin in Angola to Petronas Angola E&P LTD (PAEPL), a unit of Petronas, for $400m (€380.7m).

Block 20 comprises the Cameia and Golfinho oil discoveries located around 150km south-west of Luanda.

With the completion of the deal, TotalEnergies now holds an operatorship stake of 40% in Block 20 while PAEPL owns a 40% stake and Sonangol Pesquisa e Produção owns a 20% interest.

TotalEnergies exploration & production president Nicolas Terraz said: “TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza basin.

“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.”

TotalEnergies said the Cameia and Golfinho discoveries will be developed through a system of subsea wells connected to a floating production, storage and offloading unit (FPSO).

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By GlobalData

The FPSO is expected to have an oil production capacity of 70,000 barrels of oil per day (bopd).

In a press statement, TotalEnergies said: “The project will include the best available technologies to minimise greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.”

In May 2023, TotalEnergies signed a deal with Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG) and Sonangol Pesquisa e Produção for the development of Cameia and Golfinho fields.

The two fields are scheduled to start producing oil in 2026 and are expected to reach their peak output of about 68,978bopd in 2029.