TotalEnergies EP Angola announced that it has finalized the sale to of its 40% interest in  Block 20 to  PETRONAS ANGOLA E&P LTD (PAEPL), a company belonging to the PETRONAS group of companies.

The deal was done for an amount of $400 million as at January 1st, 2023, subject to customary price adjustments.

However, TotalEnergies is still the operator for the block which is located in Kwanza Basin in Angola in addition to having a 40% interest in Block 20, alongside PAEPL (40%) and Sonangol Pesquisa e Produção S.A. (20%).

“TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza basin. With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities”, said Nicolas Terraz, President, Exploration & Production at TotalEnergies.