Angola: Total Extends All Block 17 Production Licenses Until 2045
December 16 2019 - 11:05AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT), operator, and its
partners Equinor, Exxon and BP have signed an agreement with
national oil, gas and biofuels agency ANPG and state-owned Sonangol
of Angola, to extend their consortium’s production licenses to
2045. As part of the agreement, Sonangol will obtain a 5% interest
in Block 17 on the effective date and an additional 5% interest in
2036. Additionally, the consortium will pay some production bonuses
to the State of Angola along the life of the license and will spend
20M$ for social programs.
Located 150 kilometers off the Angolan coast in water depths
ranging from 600 to 1,400 meters, Block 17 has been a true success
story, with almost 3 billion barrels of oil produced since 2001 by
four floating production, storage and offloading (FPSO) units:
Girassol (2001), Dalia (2006), Pazflor (2011) and CLOV (2014).
Currently producing around 440,000 barrels of oil equivalent per
day, the potential of this very prolific block is still high, with
more than 1 billion barrels yet to be produced.
Three short-cycle brownfield projects — Zinia Phase 2, CLOV
Phase 2 and Dalia Phase 3 — are currently under development on
Block 17 to add 150 million barrels of resources, and other
brownfield projects for extending the production of Pazflor, Rosa,
Girassol and Dalia are under study. Additional exploration
campaigns might also help unlock further resources and two wells
are already planned to be drilled in 2020.
“We are very pleased to continue the Block 17 success story in
Angola. This golden block has allowed us to demonstrate our deep
offshore excellence over the past 20 years with numerous
technological developments and innovations,” stated Patrick
Pouyanné, Chairman and Chief Executive Officer of Total. “This
is a significant milestone in our long history in the country and
illustrates our commitment to continue developing Angola’s energy
sector.”
“We are confident that Total and its partners are committed to
examining a number of short-term investment opportunities that have
already been identified in order to maintain the production above
400,000 barrels of oil equivalent per day through 2024,”
commented Paulino Jeronimo, Chief Executive Officer of ANPG.
“We also look forward to exploring the vicinity in order to add
further resources to the Block 17 and, more broadly, for the
Country.”
“Sonangol is proud to further diversify its portfolio through
this impressive asset and to join the successful Golden Block
adventure.” noted Sebastião Gaspar Martins, Chairman and Chief
Executive Officer of Sonangol.
After the entry of Sonangol, the Block 17 contractor group
comprises Total, operator with a 38% working interest, alongside
Equinor (22.16%), Exxon Mobil (19%), BP (15.84%), and Sonangol
(5%).
Total in Angola
Total has been present in Angola since 1953, where it today
employs around 1,500 people. All five of the Group’s business
segments operate in the country: Exploration & Production, Gas,
Renewables & Power, Refining & Chemicals, Marketing &
Services, and Trading & Shipping.
Total’s equity production averaged 211,000 barrels of oil
equivalent per day in 2018 from operated blocks 17 and 32, and from
non-operated assets 0, 14, 14K, and Angola LNG. Total is the
country's leading oil operator with close to 45% of Angola’s
operated oil production.
Total also operates Block 17/06 in the Lower Congo Basin, Block
16, location of the Chissonga discovery — both in development phase
—, and Block 48 in the emerging ultra-deep offshore play and still
in exploration phase.
In the gas sector, Total holds a 13.6% stake in the
5.2-million-ton-per-year Angola LNG liquefaction plant, which is
supplied with associated gas from the country’s producing offshore
oil fields. Total also recently entered the New Gas Consortium as a
key player in developing Angola’s natural gas resources.
About Total
Total is a major energy player that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner
and accessible to as many people as possible. Active in more than
130 countries, our ambition is to become the responsible energy
major.
* * * * *
Cautionary Note This press release, from which no legal
consequences may be drawn, is for information purposes only. The
entities in which TOTAL S.A. directly or indirectly owns
investments are separate legal entities. TOTAL S.A. has no
liability for their acts or omissions. In this document, the terms
“Total”, “Total Group” and Group are sometimes used for
convenience. Likewise, the words “we”, “us” and “our” may also be
used to refer to subsidiaries in general or to those who work for
them. This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191216005560/en/
Total Media Relations: +33 1 47 44 46 99 l
presse@total.com l @TotalPress Investor Relations: +44 (0)207 719
7962 l ir@total.com
TotalEnergies (EU:TTE)
Historical Stock Chart
From Mar 2024 to Apr 2024
TotalEnergies (EU:TTE)
Historical Stock Chart
From Apr 2023 to Apr 2024