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Italian and French Majors, Eni and TotalEnergies have signed a production sharing agreement (PSA) with Agência Nacional de Petróleos, Biocombustíveis e Gás (ANPG) for block 29 in the Namibe Basin.

Under the PSA, TotalEnergies is the licensed operator with a 42.8% stake, while Equinor has 22.8%, BP 8.8%, Petronas 5.6% stake and Sonangol Pesquisa & Produção owns 20%. Located in deep waters 1,500 to 2,500 meters and a surface area of about 5 700km2, Block 29 is located in the Namibe basin, about 75kms off the Angolan coast.

TotalEnergies will implement and execute the identified and approved work scope for the block. The operator will continue to seek new potential resources within the Namibe offshore waters in the long run. ANPG expects to attract $5.5 billion in the next five years by exploring and producing oil blocks in the Namibe Basin.

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Source: Energycapitalreport

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