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Total sells its 15% interest in Angola deep water Block 15/06 to Sonangol EP for US$750 million

Total sells its 15% interest in Angola deep water Block 15/06 to Sonangol EP for US$750 million

Report summary

On 4 February, 2014, Total announced it had sold its non-operated 15% stake in deep water Block 15/06, in Angola's offshore Lower Congo Basin, to Sonangol EP, for US$750 million. Our base case valuation of the deal is US$674 million (discounted at 10% from January 2014). This is Sonangol EP's third major acquisition offshore Angola since June 2013, following deals to acquire Marathon's interests in Block 31 (as partner in China Sonangol) and Block 32.The block contains two ...

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The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
    • Technical Fields and Exploration Potential
    • Risks
  • Strategic rationale
    • Total
    • Sonangol EP
  • Oil & gas pricing and assumptions

In this report there are 7 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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