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Total and Sonangol Strengthen Their Cooperation in Angola

Source: www.gulfoilandgas.com 5/28/2018, Location: Africa

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During an official visit to France by Joao Lourenço, the President of the Republic of Angola, Patrick Pouyanné, Chairman and CEO of Total, and Carlos Saturnino, Chairman of the Board of Directors of Sonangol, signed several agreements covering the Group’s upstream and downstream activities in Angola.

A risk service agreement for the deepwater Block 48 exploration license, which Total will operate. Total and Sonangol are 50/50 partners in exploring Block 48 in Angola’s ultra-deep offshore. The first, two-year phase of the program includes drilling a well.

A framework agreement for the future joint venture between Total and Sonangol to jointly develop a network of service stations in Angola, including petroleum product logistics and supply.

A memorandum of understanding to fund 50 new scholarships for young Angolans to study at French universities by end-2019.

“As today’s agreements and the launch of the Zinia 2 development demonstrate, Total, as Angola’s main oil and gas producer, continues to help develop the country’s oil and gas resources. The Group appreciates the joint efforts of the Angolan authorities, Sonangol and the industry to enhance taxation framework and regulations. These changes are vital to revive investment in this key sector of the Angolan economy and develop new projects, including those planned in Block 17,” said Patrick Pouyanné. “First oil from Kaombo in summer 2018 will be the next milestone in the history of Total in Angola.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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