TotalEnergies SE has completed the sale of a 40 percent stake in Block 20 in Angola’s Kwanza Basin to Petronas Angola E&P Ltd, a subsidiary of Malaysia’s Petronas Group of Companies.
The transaction was valued at $400 million as of Jan. 1, subject to customary price adjustments, TotalEnergies said in a press release Thursday. TotalEnergies maintains the operation and a 40 percent stake in Block 20, with Sonangol Pesquisa e Produção SA holding the remaining 20 percent.
Block 20 contains the Cameia and Golfinho oil discoveries, located about 150 kilometers (93.2 miles) southwest of Luanda. The discoveries will be developed using a system of subsea wells connected to a floating production, storage and offloading unit (FPSO) with an oil production capacity of 70,000 barrels per day, which will become the seventh FPSO developed by TotalEnergies in Angola. The company added that the project will include the “best available technologies to minimize greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.” In July, blocks 21/09 and 20/15 were merged with block 20/11 by presidential decrees, according to the statement.
“TotalEnergies is pleased to welcome Petronas, one of its strategic partners, to Block 20 in the Kwanza Basin,” said Nicolas Terraz, TotalEnergies’ President of Exploration and Production. “With Sonangol and Petronas, we have established a strong partnership that will allow us to collectively make the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities.”
TotalEnergies has been present in Angola since 1953 and employs 1,500 people in different business segments.
Acquisition of the Agrivoltaics company
Meanwhile, TotalEnergies has completed the acquisition of French agrovoltaic company Ombrea, according to a separate press release. Terms of the deal were not disclosed.
Ombrea, founded in 2016, focuses on solutions that “optimize synergies between agricultural production and green electricity generation,” TotalEnergies said. The company intends to accelerate its development in agrovoltaics, both in France and abroad, integrating Ombrea in its renewable activities. TotalEnergies plans to provide the agricultural community with solutions to combine solar energy and agricultural production, including solutions to protect against weather events, maintain or improve yields, and adapt to climate change.
The acquisition will also allow TotalEnergies to accelerate the development of its 1.5 gigawatt portfolio of agrovoltaic projects that meet the criteria set out in the French Renewable Energy Acceleration Law approved in March 2023, according to the company.
“We are proud to welcome French agrovoltaic leader Ombrea to the company,” said Vincent Stoquart, Senior Vice President of Renewables at TotalEnergies. “This move will allow us to combine our experience and knowledge to accelerate the deployment of solutions that enable the agricultural sector to increase its income by producing energy, sustaining its activities and reducing its carbon footprint.” “We are delighted that the wider area and Aix-en-Provence will therefore become TotalEnergies’ global hub for agrovoltaics.”
“We are delighted to join TotalEnergies, where Ombrea will help expand the company’s ambitious vision for the regions,” said Ombrea founders Christian Davico and Julie Davico-Pahin. “We look forward to seeing the accelerated deployment of our smart solutions to promote forward-looking, high-performance agriculture.”
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