Angola: Petronas and TotalEnergies’ honeymoon period continues in offshore

On 13 September, the Angolan Ministry of Oil and Gas authorised the Malaysian oil giant Petronas to take over half of TotalEnergies’ 80% stake in Block 20/11. The block is located in the Kwanza basin, off the coast from the Angolan capital Luanda. Petronas now holds 40% of Block 20, TotalEnergies 40% and state-owned Sonangol 20%.

TotalEnergies took over Block 20/11 in June 2020 after the US group Cobalt Energy International went bankrupt. The asset is of major importance as the American company made proven discoveries in 2013.

Petronas: taking its time 

In May, TotalEnergies and the Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG) signed a memorandum of understanding to develop the Cameia and Golfinho oilfields, located on Blocks 20 and 21 of the Kwanza basin. With the signing of this agreement, the chairman of ANPG’s board of directors, Paulino Fernando de Carvalho Jeronimó, was hoping for the rapid arrival of other operators. At the time, TotalEnergies informed the Angolan authorities that it hoped to reduce its exposure on the block so as to share future production costs.

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