The Chairman and CEO of Total, Patrick Pouyanné, recently had an audience with the President of the Republic of Angola, João Lourenço, and with Carlos Saturnino, new Chairman of Sonangol, the national oil company.
During the meeting, Total and Sonangol signed several agreements covering both upstream and downstream activities.
Total and Sonangol agreed on the contractual conditions for the development of Zinia Phase 2, enabling a commitment to the final investment decision (FID). Zinia 2 will be connected to the Pazflor FPSO and will produce 40 000 bpd.
The companies also 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.
Memoranda of Understanding (MoU) were also signed to jointly develop a retail network in the country including logistics and the supply of oil products, and to screen opportunities for renewable energy supply in Angola.
Mr Pouyanné said: “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 […] 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.”
Read the article online at: https://www.tanksterminals.com/storage-tanks/05122017/total-inks-agreements-with-sonangol/