LUANDA, 15th of December 2022. As part of its growth strategy, SOMOIL - Sociedade Petrolífera Angolana, S.A. (Somoil) announces the conclusion of its deal with TotalEnergies and INPEX for the indirect acquisition of the 20% working interest in Block 14/14K offshore Angola.
Block 14 is located approximately 100 km offshore from Cabinda in Angola and covers approximately 4,094 km2. Production started up in 1999 and continues to have significant output of medium light crude oil. It is operated by Cabinda Gulf Oil Company Limited (CABGOC/Chevron) (31%) which leads a contractor group composed by Sonangol Pesquisa e Produção, S.A. (20%), Eni Angola Exploration, B.V. (20%) and Galp Energia Overseas Block 14 B.V. (9%) and now Somoil, through its affiliate Somoil Block 14 B.V. (20%).
“This acquisition represents a huge step in our strategy of entering into deepwater producing assets as well as a great step for building an increasingly diversified portfolio” said Edson R. Dos Santos, Somoil´s Chairman and CEO.
The deal achieved its first major milestone in January 2022, as Somoil agreed with French major TotalEnergies and Japanese Inpex, to acquire 100% of the share capital of Angola Block 14 B.V., which owns a 20% interest in Block 14 and a 10% interest in the adjacent Block 14K — both operated by CABGOC (Chevron). Somoil finalised the acquisition after entering into a loan facility lead by a highly reputable international bank.