The acquisition will see Somoil take over the entirety of the Thai state company’s (PTTEP) 2.5 percent stake in the Block, with the sale expected to be completed in mid-2023.
Block 17/06 is operated by TotalEnergies with a 30 percent stake, together with Sonangol P&P (20 percent), SSI (27.5 percent), Somoil (10 percent), ACREP (5 percent ) Falcon Oil (5 percent) and PTTEP (2.5 percent).
With the acquisition of PTTEP completed in 2023, Somoil then becomes part of the Block with 12.5 percent.
Situated 150 km off the coast of Angola, in the Lower Congo Basin, and situated in water depths of 600-1400m, Block 17 is comprised of the operating fields Girassol-Rosa, Dalia, Pazflor, and CLOV, boasting a production rate of approximately three billion barrels of oil since its discovery through four floating production storage and offloading units.
The change follows PTTEP's announcement of its intention to divest around US$29 billion of assets, in a move to increase national energy security in Thailand and combat climate change.
PTTEP is a public company, listed on the Stock Exchange of Thailand, which is part of the Dow Jones Sustainability indices. Operating since 1985, it has 46 oil projects in 12 countries around the world.