French energy giant Total acquires stakes in two Angola offshore blocks
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French energy major Total said on Monday it had acquired interests into two new offshore licenses in Angola in view of developing a new oil production hub.
Total will pay to Angola’s state oil firm Sonangol $400 million at the closing of the deal, to which will be added $100 million when a final investment decision is made, and some additional payments along the life of the project, it said.
The company said it had also extended all block 17 production licenses in Angola until 2045.
