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TotalEnergies Acquires 60% of Offshore Exploration Block in Sao Tome & Principe
ByAinvest
Wednesday, Jun 26, 2024 8:33 am ET1min read
TotalEnergies has secured a 60% interest in Block STP02 off the coast of Sao Tome & Principe, acquiring the stake from the Agência Nacional do Petroléo and partners Sonangol and ANP-STP. The acquisition, subject to approvals, includes a 4,969 km² area, adjacent to Block STP01, where recent 3D seismic data indicates promising prospects.
TotalEnergies, a global energy major, has recently secured a 60% stake in Block STP02 off the coast of Sao Tome & Principe [1]. The acquisition, subject to regulatory approvals, includes a 4,969 km² area adjacent to Block STP01, where recent 3D seismic data indicates promising prospects [2].
This acquisition marks a significant step forward for TotalEnergies as it strengthens its foothold in Angolan waters. The company, along with its partners, is already involved in the Kaminho deepwater project, which aims to develop the Cameia and Golfinho fields off the coast of Angola [1]. The Kaminho project, expected to produce 70,000 barrels of oil per day and reduce greenhouse gas emissions, reflects TotalEnergies' commitment to innovation and sustainability [1].
TotalEnergies' collaboration with Angola extends beyond its business interests. The company recently signed a Memorandum of Understanding with Sonangol EP to share expertise on Research & Technology, particularly focusing on decarbonization of the Oil & Gas industry, methane emissions reduction, and renewable energies [1].
The acquisition of Block STP02 represents a potential investment of billions of dollars, in line with TotalEnergies' investment criteria, which include achieving a breakeven under $30/b and a carbon intensity of 16 kg CO2e/boe [1]. With this latest acquisition, TotalEnergies is poised to further expand its operations in Angola and contribute to the country's economic growth.
References:
[1] TotalEnergies. (2024, May 21). TotalEnergies secures a 60% interest in Block STP02 off the coast of Sao Tome & Principe. Retrieved from https://totalenergies.com/news/press-releases/totalenergies-secures-a-60-interest-in-block-stp02-off-the-coast-of-sao-tome-and-principe
[2] TotalEnergies. (2024, May 21). TotalEnergies announces the Final Investment Decision of the Kaminho project in Angola. Retrieved from https://totalenergies.com/news/press-releases/totalenergies-announces-the-final-investment-decision-of-the-kaminho-project-in-angola
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