Deep-offshore exploration licence, network of service stations, new scolarships: Total and Sonangol sign new agreements.
Read the transcript:
Arnaud Breuillac - President Exploration-Production Total
Today marks a new stage in our relationship with Sonangol and Angola with the signing of several agreements during President Lourenço's visit to Paris.
Patrick Pouyanné - Chairman and CEO Total
We’re the first major to re-sign agreements with Angola in years.
Carlos Saturnino - Chairman of the Board of Directors Sonangol
The first agreement involves a contract to explore on Block 48.
This block is located in deep offshore in a northern region of the country that has not had investment so far.
At the beginning of my career in Angola Block 48 was already a target. Our geologists were saying one day we must explore it. It shows that Total continues to prospect and explore in Africa which is a region where the Group has historically built its success notably, in deep offshore.
Major discoveries like Dahlia, Girassol and CLOV are producing, so smaller projects now remain, such as Zinia 2.
The launch of Zinia 2, which wasn't an easy project, firstly involved optimizing the design
along with the contractor and of course with Sonangol, with the Ministry of Petroleum, to obtain a new fiscal framework that protects us in the case of a fall in crude prices. It's a project in tune with its time, an efficient project that recovers marginal, yet value-creating, resources.
The second agreement is the launching of a joint venture between Total and Sonangol for the marketing and sales of petroleum products.
Angola was one of the few African countries where we were not involved in the distribution of petroleum products.This symbolizes an opening up of the Angolan market to competition which is a good sign for investors like Total.
And the second symbol, as I often say, marketing and services, the distribution of petroleum products connects us as oil producers to the end customer.
I feel it's very important in terms of social responsibility that via one of our basic activities we can forge that bond.
The third agreement involves employee training. Thanks to Total we will have
50 scholarships to French universities. So we aim to safeguard the future with a new generation of executives and training in new skills.
Angola needs to develop both its natural and human resources. And that's positive.
Our level of activity in Angola is very high with a lot of production and a new key project this summer the new FPSO, Kaombo Norte.
So it's a great day.