Sonangol acquired the two blocks, however, with the end of the exploration sharing contract, the operating rights in those blocks will be transferred to Total.
Thus, the Ministry of Mineral Resources, Oil and Gas, gave Sonangol the green light to assign the exploration rights for those blocks to the French oil company. The decision was published on 8 June in the Diário da República (Official Gazette) by Decrees Nos. 175 and 176/20.
According to Expansão, Total will hold 80 per cent of the participating interest in block 20/11. This block is still in deep waters, in the pre-salt of the country, and is only in the exploration phase and not in production. As for assets 21/09, Total now holds 50 percent of the exploration of that block.
After the cession and change of operator, the group's holdings in Block 20/11 will be divided: Total will hold 50 percent, British Petroleum 30 percent and Sonangol 20 percent.
The concession contract was signed in 2011 with the US company Cobalt, which held 40 per cent of the participating interest.
Three years later the company was accused by the Securities and Exchange Commission in the United States of corruption. Cobalt tried to sell its shares in these blocks and asked Sonangol to extend the exploration contract. However, it was unsuccessful.
