Total (NYSE:TOT; Paris:FP FP) has agreed to sell to INPEX a 9.99% indirect interest in offshore Angola block 14, operated by Cabinda Gulf Oil Co.
Offshore staff
PARIS – Total (NYSE:TOT; Paris:FP FP) has agreed to sell to INPEX a 9.99% indirect interest in offshore Angola block 14, operated by Cabinda Gulf Oil Co.
The transaction is subject to the approval of the Angolan authorities.
Block 14 is 100 km (62 mi) offshore Cabinda and extends more than 4,094 sq km (1,581 sq mi), in water depths ranging from 200-1,500 m (656-4,921 ft). Oil production started in 1999 and currently the block delivers more than 160,000 b/d of medium light crude.
Total’s 20% share of the block will be transferred to a newly formed Total affiliate – Angola Block 14 B.V. – in which INPEX will be a shareholder.
