PETRONAS and Partners Reach Final Investment Decision for Block 20/11 in Angola

KUALA LUMPUR, 21 May 2024 - PETRONAS Angola E&P Ltd (PETRONAS Angola E&P), a subsidiary of PETRONAS, and its partners TotalEnergies EP Angola Block 20 (TotalEnergies) and Sonangol Pesquisa e Produção S.A. (Sonangol P&P) have reached the Final Investment Decision (FID) to develop the Cameia and Golfinho fields in Block 20/11, located 100 kilometres offshore Angola.

PETRONAS Angola E&P holds 40 per cent participating interest in the block, while the operator TotalEnergies also holds 40 per cent, and Sonangol P&P holds the remaining 20 per cent.

PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik said, “This milestone is in line with PETRONAS’ continued efforts to strengthen our international portfolio as well as our presence in Africa. Reaching the FID for this development in the Kwanza basin further demonstrates our steadfast commitment to deliver much-needed reliable energy to our customers and sustainable long-term value to our stakeholders.”

The project will involve the conversion of a Very Large Crude Carrier (VLCC) into a Floating Production Storage and Offloading (FPSO) unit, which will be connected to the subsea production system. It will incorporate technologies to reduce greenhouse gas emissions and will be designed to prevent flaring by reinjecting associated gas back into the reservoirs.

Executive Vice President and Chief Executive Officer of Upstream PETRONAS, Datuk Adif Zulkifli said, “The FID represents a significant milestone in realising PETRONAS’ investment in the deepwater Kwanza basin in Angola. We will work closely with our partners and host authority to seamlessly execute the project.”

PETRONAS continues to grow its global resources during the energy transition, to ensure the security of affordable and reliable energy supply for its customers around the world through a low-carbon low-emission operations.