Total, Equinor, ExxonMobil and BP on Monday signed an agreement with Angola’s National Agency of Oil, Gas and Biofuels (ANPG) to extend the consortiums Block 17 production licenses to 2045.
As part of the agreement, state-owned Sonangol will obtain a 5% interest in Block 17 on the effective date and an additional 5% interest in 2036.
“The agreement highlights the determination of Total and its partners to analyze the various short-term investment opportunities that have already been identified. There is a high expectation to conduct research activities in nearby areas to add new resources in Block 17 and generally to the country,” said ANPG Chairman, Paulino Jerónimo.
Block 17 is located 150km offshore Angola at depths between 600 and 1,400 meters. It is operated by Total (40%), together with subsidiaries of Equinor (23.33%), ExxonMobil (20%) and BP (16.67%).
“We are thrilled to continue Block 17’s success story in Angola. Total has demonstrated its excellence in deep offshore through numerous development and technological innovations. It is the beginning of an important milestone in the history of Angola and demonstrates our continued commitment to developing Angola’s oil and gas resources,” noted Total Group President and Managing Director Patrick Pouyanne.
Sonangol’s Chairman Sebastião Gaspar Martins, added “With the signing of this agreement, Sonangol will become part of the Block 17 Group, which will make it possible to diversify its portfolio and contribute to the increase in state revenues.”