TotalEnergies has sold 40 percent interest in Angolan  Block 20 in the Kwanza Basin to Petronas ahead of its development.

The French oil giant made the disclosure in a statement on Thursday.

According to TotalEnergies, the transaction was completed for an amount of $400 million as at January 1, 2023, subject to customary price adjustments.

TotalEnergies retains the operatorship and a 40 percent interest in Block 20, alongside PAEPL (40%) and Sonangol Pesquisa e Produção S.A. (20%).

Block 20 contains the Cameia and Golfinho oil discoveries, located around 150 km southwest of Luanda. These discoveries are planned to be developed through a system of subsea wells connected to a FPSO (Floating Production, Storage and Offloading unit) with an oil production capacity of 70,000 barrels per day, which will be the seventh FPSO developed by TotalEnergies in Angola.

The company informed that the project will include the best available technologies to minimize greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.

“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”, said Nicolas Terraz, President, Exploration & Production at TotalEnergies.