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Total: acquires interests in two new licenses in Angola

(CercleFinance.com) - Total has signed a sale and purchase agreement with state-owned Sonangol of Angola to acquire interests in Blocks 20/11 and 21/09 in the Kwanza Basin, offshore Luanda.

The French oil major will hold a 50% stake, alongside Sonangol (20%) and BP (30%) in block 20/11. It will hold an 80% stake, alongside Sonangol (20%) in block 21/09.

Total will pay 400 million dollars to Sonangol on the agreement's signature, to which will be added 100 million dollars on the project's final investment decision, as well as additional payments throughout the project's lifetime, depending of oil production and prices, which will represent a cumulative total of up to 250 million dollars.

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