The Angolan State-owned Oil Company Sonangol and the Total Oil Company signed today in Luanda several partnership agreements to relaunch the oil industry in the country in the upstream and downstream segment, in the ambit of cooperation between the Sonangol and Total the French multinational.
On the basis of the agreements signed a process will be launched for the entry into operation of block 48 (ultra-deep water block), six years after the completion of the last blocks the country has launched for exploration (2011).
“We have been working with the same blocks for six years and in the last few years we have no exploration. So launching the exploration in Angola is extremely important as it is from there that we will ensure the future as an oil company,” said the chairperson of Sonangol board of directors, Carlos Saturnino at the end of the signing of the agreements with the CEO of Total, Patrick Pauyowné.
The upstream activities of block 17 include the development and start-up of some assets that have already been identified and discovered a few years ago, namely Acácia, Zimia and Zimia in phase 2.
With regard to the downstream, it is intended to create a joint venture company (50% for Sonangol and 50% for Total) to work on the distribution of refined products, with the possibility of also participating in the importation of refined products, when the market regulation in terms of liberalization.
Total is the operator of Block 32, with a 30% stake, in partnership with Sonangol P & P (30%), while Block 17 holds a 40% stake.