(Agence Ecofin) – The French oil and gas company TotalEnergies continues to part with some of its assets deemed unprofitable in order to focus on more strategic projects.
On January 17, the French energy giant TotalEnergies announced that an agreement had been reached with the Angolan company Somoil to sell its subsidiary Angola Block 14 BV to the latter. The amount of the transaction was not specified.
It should be noted that TotalEnergies and Inpex jointly own the company Angola Block 14 BV (50.01% for the first and 49.99% for the second). Angola Block 14 BV controls a 20% interest in Block 14 and 10% in Block 14K which together will generate net production of 9,000 barrels of oil equivalent per day in 2021. The deal remains subject to government approval Angolans.
By this assignment,TotalEnergies is implementing its strategy and continuing to restructure its oil asset portfolio, focusing on low-cost assets with low greenhouse gas emissions,” commented Henri-Max Ndong-Nzue, Africa director of the Exploration & Production branch of TotalEnergies.
As a reminder, Somoil is a company with exclusively private capital, entirely managed by Angolans. It operates at all levels of the country’s oil industry value chain, from research to distribution, including development, production, marketing of crude oil, consulting services and alternative energies.
Abdel-Latif Boureima
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