London-based Sungara Energies has acquired a 10% stake in Block 15/06 offshore Angola from the country’s national oil company, Sonangol.
Sungara – jointly owned by UK oil and gas company, Sequa Petroleum UK, Namibia’s national oil company, Namcor, and oilfield consulting group, Petrolog – has purchased the stake at a cost of $500 million, including a contingent payment of up to $50 million. With the company’s partners set to provide equity for the deal, Sungara will also be securing third-party debt.
Through the deal, Sungara will produce an estimated 10,000 barrels per day (bpd), with opportunities to increase this figure to 15 000 bpd. Reserves for the 10% stake are estimated at 75 million barrels and the finalization of the agreement is expected in late 2022.
Sungara is also in the process of acquiring a 40% stake in Block 23 as well as a 35% stake in Block 27, offshore Angola.
Efforts to increase exploration prospects beyond 150,000 bpd are in the pipeline for Block 15/06, with the license under Italy’s Eni, E&P company SSI Fifteen, and Sonangol’s subsidiary, Sonangol P&P. Owning a 36.84% stake, Eni will remain the operator of Block 15/06, with joint venture partners, SSI Fifteen holding a 26.32% stake and Sonangol P&P with 36.84%.
