Angola: Statoil sells small stake in Eni’s 15/06

Statoil has agreed to sell its 5% participating interest in the Eni-operated Block 15/06 to the concessionaire Sonangol EP for $200m, as part of efforts to rationalise its portfolio. Eni is expected to start up the West Hub project on the block by year-end, with wells connected to a 100,000 b/d floating production, storage and offloading (FPSO) vessel, aiming for peak production of 80,000 b/d in 2016, from the Sangos, Cinguvu, Mpungi and Vandumbu discoveries. This will be followed by the East Hub project, sanctioned last year, to develop the Cabaça South-East discovery with ten wells connected to an 80,000 b/d capacity FPSO.