Somoil has announced its acquisition of Thai exploration and production company, PTT Exploration and Production’s (PTTEP), interest in Block 17/06, offshore Angola, which is currently in its development phase.
The acquisition will see Somoil take over PTTEP’s entire 2.5% interest in the Block, with the sale expected for completion by mid-2023.
Situated 150km off Angola’s coast, in the Lower Congo Basin, and situated in water depths of 600-1,400m, Block 17/06 comprises the Girassol-Rosa, Dalia, Pazflor, and CLOV operating fields, boasting a production rate of approximately three billion barrels of oil since its discovery through four floating production storage and offloading units.
The move comes following PTTEP’s announcement of its intention to divest approximately $29 billion worth of assets in a move to boost national energy security in Thailand and combat climate change.
