Total-Operated Consortium Extends Production Licences in Angola
December 16 2019 - 10:55AM
Dow Jones News
By Cristina Roca
Total SA (FP.FR) said Monday that its consortium with Equinor
ASA (EQNR.OS), Exxon Mobil Corp. (XOM) and BP PLC (BP.LN) has
extended its production licences in Angola through 2045.
The consortium has reached an agreement with Angola's national
oil, gas and biofuels agency ANPG and state-owned Sonangol to
extend all its licences in Block 17 offshore Angola, the French
energy major said.
Sonangol will get a 5% stake in Block 17 when the agreement
comes into effect and an additional 5% interest in 2036, Total
said, which is the operator of the block.
"Additionally, the consortium will pay some production bonuses
to the State of Angola along the life of the license and will spend
[$20 million] for social programs," Total said.
Block 17 currently produces 440,000 barrels of oil equivalent
per day, and has more than 1 billion barrels yet to be produced,
Total said.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
December 16, 2019 11:40 ET (16:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
BP (NYSE:BP)
Historical Stock Chart
From Apr 2024 to May 2024
BP (NYSE:BP)
Historical Stock Chart
From May 2023 to May 2024