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TotalEnergies SE has completed the sale of a 40 percent interest in Block 20 in the Kwanza Basin, Angola, to Petronas Angola E&P Ltd, a subsidiary of Malaysia’s Petronas group of companies.
The transaction,was valued at $400 million as of January 1, subject to customary price adjustments, TotalEnergies said in a news release Thursday. TotalEnergies retains the operatorship and a 40 percent interest in Block 20, with Sonangol Pesquisa e Produção S.A. holding the remaining 20 percent interest.
Block 20 contains the Cameia and Golfinho oil discoveries, located around 93.2 miles (150 kilometers) southwest of Luanda. The discoveries will be developed through a system of subsea wells connected to a floating production, storage, and offloading unit (FPSO) with an oil production capacity of 70,000 barrels per day, which will become the seventh FPSO developed by TotalEnergies in Angola. The company added that the project will include the “best available technologies to minimize greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs”. In July, blocks 21/09 and 20/15 were merged into Block 20/11 by presidential decrees, according to the release.
“TotalEnergies is pleased to welcome Petronas, one of its strategic partners, on Block 20 in the Kwanza basin”, TotalEnergies President for Exploration and Production Nicolas Terraz said. “With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities”.
TotalEnergies has been present in Angola since 1953 and employs 1,500 people in different business segments.
Acquisition of Agrivoltaics Company
Meanwhile, TotalEnergies has finalized the acquisition of France’s agrivoltaics company Ombrea, according to a separate news release. The terms of the deal were not disclosed.
Ombrea, founded in 2016, is focused on solutions that “optimize the synergies between agricultural production and green electricity generation”, TotalEnergies said. The company intends to accelerate its development in agrivoltaics, both in France and abroad, by integrating Ombrea into its renewable activities. TotalEnergies plans to offer the farming community solutions for combining solar power and agricultural production, including solutions for protecting against weather events, maintaining or improving yields, and adapting to climate change.
The acquisition will also enable TotalEnergies to accelerate the development of its portfolio of 1.5 gigawatts of agrivoltaic projects that meet the criteria set out under the French Renewable Energy Acceleration Law adopted in March 2023, according to the company.
“We are proud to welcome the French agrivoltaics leader Ombrea to the company”, TotalEnergies Senior Vice President for Renewables Vincent Stoquart said. “This move will allow us to combine our expertise and know-how to accelerate the deployment of solutions that enable the agricultural sector to increase its income by producing energy, while sustaining its activities and reducing its carbon footprint,”. “We are delighted that the wider area and Aix-en-Provence will hence become TotalEnergies’ global hub for agrivoltaics”.
“We are delighted to be joining TotalEnergies, where Ombrea will help to scale up the company’s ambitious vision for the regions”, Ombrea founders Christian Davico and Julie Davico-Pahin said. “We look forward to seeing the accelerated deployment of our smart solutions to promote high-performance, forward-looking agriculture”.
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