Total today announced that it has agreed to sell a 9.99% indirect interest in offshore Angola Block 14 to Inpex Corp. The transaction remains subject to the approval of Angolan authorities.
Block 14 is located approximately 100 km offshore from Cabinda in Angola and covers approximately 4094 km2 with a water depth ranging from 200 m to 1500 m.
Block 14 started production in 1999 and currently produces in excess of 160,000 bpd of medium light crude oil. Block 14 is operated by Cabinda Gulf Oil Company Limited (31%) and other partners alongside Total (20%) are Sonangol Pesquisa e Produção, S.A. (20%), Eni Angola Exploration, B.V. (20%) and Galp Exploração e Produção Petrolífera, S.A (9%).
Total’s 20% share of Block 14 will be transferred to a newly formed Total affiliate – Angola Block 14 B.V. – in which Inpex will become a shareholder.
Adapted from press release by Peter Farrell.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/21082012/total-to-sell-share-in-block-14-to-inpex-corp-/