French oil company Total E&P Angola is the operator of Block 29, located in deep waters, with an area of 5,700 square kilometers, in the Namibe Basin.
The Angolan concessionaire announced this Monday that an agreement was signed with Angola’s National Oil, Gas and Biofuels Agency (ANPG), on July 30th, in the form of a Block 29 Production Sharing Contract, effective from the 2nd of this month.
Under the terms of this contract, Total E&P Angola is the operator of the aforementioned oil block, with a 42.8% stake. Equinor (22.8%), BP (8.8%), Petronas (5 .6%) and Sonangol P&P (20%).
Block 29, is situated in deep waters, with an area of 5,700 square kilometers, located in the Namibe Basin, about 75 kilometers off the Angolan coast, with a water depth between 1,500 and 2,500 meters.
ANPG emphasizes that the operator is committed to carrying out the work program already defined and approved, which aims to identify potential existing resources in this new frontier basin of the Angolan ‘offshore’.
“For ANPG, this is another historic milestone for the Angolan oil sector and for the constructive and open dialogue established since the beginning between the national concessionaire and the operators working in Angola”, underlines the document.
The note goes on to say that “for Total E&P Angola, this contract represents another opportunity to expand its presence in a country that it knows well and in which it has had a stable operation since 1953, being the main foreign operator in the sector, with more than 1,100 employees in full activity”.