TotalEnergies, Inpex to Sell Interests in Angola’s Oil Block

TotalEnergies and Inpex Corp announced that they had agreed to sell their interests in Block 14 B.V. in Angola for an undisclosed sum to Angolan company Somoil.

Angola Block 14 B.V., owned by TotalEnergies Holdings International B.V. (50.01%) and Inpex Angola Block 14 Ltd (49.99%) holds a 20% interest in block 14 in Angola and a 10% interest in block 14K. 

The offshore blocks have been producing since 1999. Net production from Angola Block 14 B.V. was 9,000 barrels of oil equivalent per day in 2021.

“By divesting this interest in mature fields, TotalEnergies is implementing its strategy to high-grade its oil portfolio, focusing on assets with low costs and low emissions” said Henri-Max Ndong-Nzue, Senior Vice President Africa of TotalEnergies Exploration & Production. 

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“TotalEnergies remains the number one energy player in Angola, through its leading operating position in deep-offshore, its interest in Angola LNG and in a first solar power plant project, Quilemba Solar, located in the southwest of the country.”

Japanese oil and gas explorer Inpex said it is reviewing its asset portfolio amid the global trend toward decarbonisation.

It announced in October that it had sold all its interests in the offshore Democratic Republic of the Congo Block, where it was developing crude oil, following the exit from Venezuelan oil assets that month.

“Our core geographic areas for exploration and production (E&P) are Japan, Australia, Indonesia and Abu Dhabi, with an additional exploration focus on Barents Sea in Norway,” the Inpex spokesperson said.

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“We will not sell all E&P assets in other geographic areas, but we will continue to review to optimize our asset portfolio.”

To increase its clean energy assets, Inpex announced in December that it is buying a wind energy company in the Netherlands from Mitsubishi Corp and that it will acquire a stake in the Muara Laboh geothermal project in Indonesia.

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