French giant Total has finalised agreements to take an operating stake in Block 17/06 and an interest in Block 15/06, off Angola.
Total will take a 30% operating stake in Block 17/06, alongside Sonangol (30%), SSI Seventeen (27.5%), Falcon Oil (5%), ACR (5%), and Partex (2.5%). Sonangol is the concessionaire of block 17/06.
Block 17/06 consists of the relinquished areas of the Block 17, in the Lower Congo basin South Zaire River, which was one of the first blocks awarded in the deep offshore by the Angolan government.
Total, as operator, made 15 separate discoveries at the block, totalling more than 3 billion barrels of recoverable oil. Block 17/06 lies in water depths ranging from 600 to 1900 metres and covers about 3100 square kilometres.
The French player added that it believes the block is still highly prospective and has very large oil potential.
Total has also taken a 15% slice of Block 15/06 which consists of the relinquished areas of the block 15, also in the Lower Congo basin South Zaire River.
Block 15/06 lies in water depths between 400 and 1500 metres and covers about 4200 square kilometres.
Total's partners in the block are Eni (operator, 35%), Sonangol (15%), SSI Fifteen (20%), Falcon Oil (5%), Statoil (5%) and Petrobras (5%). Sonangol is the concessionaire.
The blocks, in Angola's ultra-deep play, were awarded as part of the 2005/2006 licensing organised by Sonangol.
Meanwhile, Total has finalised the cession to Sonangol of its 27.5% share in Block 2/85 and its 55.6% in the Fina Petroleos de Angola (FPA) company.
FPA's assets consist of the Luanda refinery and two onshore licences located near Soyo in the Lower Congo basin. FPA holds 49% of the FS Block and 32.67% on the FST Block.
Total’s current equity production from Block 2/85 and blocks FS and FST is 6500 barrels of oil per day in 2006. (Upstream)