Total said on Monday it had acquired interests in two new offshore licences in Angola with a view to developing a new production hub alongside the French oil major’s partners.
Wells drilled so far in the two blocks have produced four discoveries, Total said. It will pay Angolan state oil firm Sonangol $400-million when the deal closes, to which $100-million will be added when a final investment decision is made, along with additional payments during the life of the project.