Total SA it is selling its 15% stake in the Angola 15/06 offshore oil block, as part of its disposal plans aimed at boosting financing for core exploration and production projects. The block is being sold for $750 million, according to The Wall Street Journal.
Total is planning to make disposals worth up to $20 billion between 2012 and 2015 to help finance an ambitious exploration and production plan, as it races to renew its hydrocarbon resources.
The Angola stake was bought by Sonangol, the country’s state-owned oil and gas company created following the nationalisation of Angol in 1976.
“The sale of our interest in block 15/06 is in line with Total’s global strategy to actively manage its portfolio and focus its investment capability on core assets in which it has more material interests,” Jacques Marraud des Grottes, Total’s senior vice president for its African exploration and production division told The Wall Street Journal.
Total owns interest in other Angolan deep offshore blocks, and was the country’s leading oil producer.
