The FINANCIAL — Patrick Pouyanné, Chairman and CEO of Total, had an audience on December 4 with João Lourenço, recently elected President of the Republic of Angola, and with Carlos Saturnino, new Chairman of Sonangol, the national oil company.
On this occasion, Total and Sonangol signed several agreements covering both upstream and downstream activities, according to Total.
“As Angola’s main oil partner, we are pleased with the strong willingness expressed by the country’s new authorities to drive an investment dynamic in the oil and gas sector, essential to the country’s economy, after three years impacted by the sharp drop in prices. Today’s agreements demonstrate Total’s willingness to contribute to this dynamic by restarting exploration offshore in Angola, launching new projects such as Zinia 2 on Block 17, and extending our cooperation with Sonangol to new businesses in oil product distribution and renewable energy,” said Patrick Pouyanné, Chairman and CEO of Total. “In particular, Total is making all necessary efforts to ensure a start-up as soon as possible during summer 2018 for the Kaombo project, currently the most significant investment in the country.”
The discussions held today resulted in several agreements between Total and Sonangol:
Zinia Phase 2 project development
Total and Sonangol agreed on the contractual conditions for the development of Zinia Phase 2, enabling a commitment to the final investment decision. Located in Block 17 and operated by Total (40%), Zinia 2 will be connected to the Pazflor FPSO and will produce 40,000 barrels per day.
Entry on block 48
Total and Sonangol have decided to jointly explore Block 48. This agreement contributes to restarting deep offshore exploration in Angola. The first phase of this program will last for two years with the drilling of one exploration well.
Extension of cooperation
Distribution of oil products
Total and Sonangol signed a Memorandum of Understanding (MoU) to develop jointly a retail network in the country including logistics and the supply of oil products.
Both companies signed an MoU providing for them to screen jointly opportunities for renewable energy supply in Angola.