Total looks to sell its stakes in a number of oil fields in Angola

 Total intends to sell the shares it holds in certain oil fields in Angola in order to concentrate more on larger and more profitable fields. This should above all facilitate the transition to renewable energies within the company.

According to industry sources, the French group Total is seeking to sell its assets in a number of oil fields in Angola. These divestments should include sites where production is generally more complex and more expensive than in other basins.

Total has indicated that it could raise around $ 300 million through the sale of its 20% stake in offshore block 14, operated by Chevron and which includes the Tombua-Landana and Kuito fields as well as a set of fields. part of the BBLT project.

It should be noted that this strategy is part of the perspective of reducing its debt which exploded following the collapse of the price of crude due to the negative effects of Covid-19. But at the same time, it will more generally facilitate the transition from the exploitation of black gold to renewable energies in order to reduce the company’s carbon footprint.

In addition, analysts at the company HSBC believe, however, that Total will have to get rid of the equivalent of a production of around 200,000 barrels of oil per day in the next ten years if it is to keep its production target unchanged. until 2025.