(Special for CAFS) Sonangol and Total ink various deals to relaunch oil industry

LUANDA, Dec. 4 (Xinhua) -- The Angolan National Fuel Company (Sonangol) and the French company Total signed on Monday in Luanda several partnership agreements to relaunch the oil industry in the country in the upstream and downstream segment, under the cooperation between the two firms.

On the basis of the agreements signed, a process will be launched for the entry into operation of block 48 (ultra-deep water block), six years after the completion of the last blocks the country has launched for exploration.

Speaking to the press at the end of the signing of the agreements with Total CEO Patrick Pauyowne, the Sonangol chairperson, Carlos Saturnino, said that the two companies have been working with the same blocks for six years and in the last few years it was not recorded any exploration.

Pauyowne said that the oil industry suffered a lot from the low price of crude, but now, with the price just above 60 U.S. dollars a barrel, there is an opportunity for a new impetus in the industry, in particular in Angola.

He said the two companies also agreed to launch a partnership in the distribution of petroleum products, an area where Total is a leader.

Present in Angola since 1953, Total is one of the country's leading oil operators.

Total is the operator of Block 32, with a 30 percent stake, in partnership with Sonangol P&P (30 percent), while Block 17 holds a 40 percent stake.

With 1,700 employees, the oil company has four Angolan offshore FPSO and has as main projects in operation the Caombo (Block 32) and Paz Flor (Block 17). Enditem