Total to Expand Oil and Gas Activities in Angola
By Marc Navarro Gonzalez
Total SA (FP.FR) said on Monday that it has signed several agreements with Angola's national oil company Sonangol, covering oil-and-gas exploration, production, refining and processing activities in the country.
Following the agreements, Total and Sonangol will jointly restart deep offshore exploration in Angola, the French energy company said. The first phase of this program will last two years, and will consist of the drilling of an exploration well.
Total said both companies have also signed a memorandum of understanding to seek opportunities for renewable-energy supply in Angola, as well as for the development of a network to distribute oil products in the country.
The agreements were signed in a meeting between Total's Chief Executive Patrick Pouyanne, Angola's recently-elected President, Joao Lourenco, and Sonangol's Chairman, Carlos Saturnino.
No financial details were disclosed.
"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," said Mr. Pouyanne.
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(END) Dow Jones Newswires
December 04, 2017 12:48 ET (17:48 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.