BUSINESS

PETRONAS AND PARTNERS REACH 'FINAL INVESTMENT DECISION' FOR BLOCK 20/11 IN ANGOLA

23/05/2024 04:22 PM

KUALA LUMPUR, May 23 (Bernama) -- Petronas subsidiary Angola E&P Ltd (Petronas Angola E&P) and its partners TotalEnergies EP Angola Block 20 (TotalEnergies) and Sonangol Pesquisa e Produção S.A. (Sonangol P&P) have reached a “final investment decision” (FID) to develop the Cameia and Golfinho fields in Block 20/11, located 100 kilometres offshore Angola.

Petronas Angola E&P holds 40 per cent participating interest in the block while the operator TotalEnergies also holds 40 per cent, and Sonangol P&P holds the remaining 20 per cent.

Petronas president and group chief executive officer Tan Sri Tengku Muhammad Taufik said “this milestone is in line with Petronas' continued efforts to strengthen our international portfolio as well as our presence in Africa.” "Reaching the FID for this development in the Kwanza basin further demonstrates our steadfast commitment to deliver much-needed reliable energy to our customers and sustainable long-term value to our stakeholders,” he said in a statement, Tuesday.

The project will involve the conversion of a ‘very large crude carrier’ (VLCC) into a floating production storage and offloading (FPSO) unit, which will be connected to the subsea production system. It will incorporate technologies to reduce greenhouse gas emissions and will be designed to prevent flaring by reinjecting associated gas back into the reservoirs.

Meanwhile, the executive vice-president and chief executive officer of Upstream Petronas Datuk Adif Zulkifli said the FID represented a significant milestone in realising Petronas' investment in the deepwater Kwanza basin in Angola. "We will work closely with our partners and host authority to seamlessly execute the project,” he said.

-- BERNAMA


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