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Home Energy

Somoil acquires stake in Block 17/06 offshore Angola

Energy Capital & Power by Energy Capital & Power
January 3, 2023
in Africa, Angola, Energy, M&A
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Somoil has announced its acquisition of Thai exploration and production company, PTT Exploration and Production’s (PTTEP), interest in Block 17/06, offshore Angola, which is currently in its development phase.

The acquisition will see Somoil take over PTTEP’s entire 2.5% interest in the Block, with the sale expected for completion by mid-2023.

Also read: Angola guarantee fund issues over 740 guarantees in 10 years

Situated 150km off Angola’s coast, in the Lower Congo Basin, and situated in water depths of 600-1,400m, Block 17/06 comprises the Girassol-Rosa, Dalia, Pazflor, and CLOV operating fields, boasting a production rate of approximately three billion barrels of oil since its discovery through four floating production storage and offloading units.

The move comes following PTTEP’s announcement of its intention to divest approximately $29 billion worth of assets in a move to boost national energy security in Thailand and combat climate change.

Related

Source: Energy Capital & Power
Tags: AngolaEnergyenergy securityLower Congo BasinM&ANatural GasPTT Exploration and ProductionPTTEPSomoilSomoil acquires stake in Block 17/06 offshore AngolaThai exploration and production companyанголаأنغولاアンゴラ安哥拉
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Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

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