Chairman and CEO of Total, Patrick Pouyanné, has signed a number of agreements with Angola’s national oil company, Sonangol, that will cover both upstream and downstream activities.
Following the agreements, the two companies will jointly restart deep offshore exploration of oil and gas, production, refining and processing activities in the country, with the first phase of the programme lasting two years.
“As Angola’s main oil partner, we are pleased with the strong willingness expressed by the country’s new authorities to drive an investment dynamic in the oil and gas sector, essential to the country’s economy, after three years impacted by the sharp drop in prices.
“These agreements demonstrate Total’s willingness to contribute to exploration in Angola, launching new projects such as Zinia 2 on Block 17, and extending our cooperation with Sonangol to new businesses in oil product distribution and renewable energy,” said Patrick Pouyanné, Chairman and CEO of Total.
“In particular, Total is making all necessary efforts to ensure a start-up as soon as possible during summer 2018 for the Kaombo project, currently the most significant investment in the country.”
The companies have also signed a memorandum of understanding (MoU) to explore opportunities for renewable energy supply and for the development of a network to distribute oil products in the country.