Markets

Total sells 15pc stake in offshore Angola block for 750mn euro

Published February 4, 2014 Updated February 4, 2014 07:38am

1 min

By Shoaib Ur Rehman

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PARIS: French oil major Total said on Tuesday it was selling its 15 percent stake in an offshore oil block in Angola to the country's state oil firm Sonangol for 750 million euros ($1.01 billion).

Total operates the block, located about 350 km (217 miles) northwest of the capital Luanda, together with Eni (35 percent), Sonangol (15 percent), SSI (a joint affiliate of Sinopec and Sonangol, 25 percent), Statoil (5 percent) and Falcon Oil Angola Investimentos (5 percent).

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