LONDON (ShareCast) - (Sharecast News) - Total signed a number of agreements with Sonangol covering its upstream and downstream activities in Angola, the company announced on Tuesday, as Angolan president João Lourenço made an official visit to France.
The French oil giant said its chairman and CEO Patrick Pouyanné signed the agreements with Sonangol chairman Carlos Saturnino.

It said the agreements included a risk service agreement for the deepwater Block 48 exploration license, which Total would operate.

Total and Sonangol are 50/50 partners in exploring Block 48 in Angola's ultra-deep offshore, with the first two-year phase of the programme including the drilling of a well.

The pair also signed a framework agreement for the future joint venture between Total and Sonangol to jointly develop a network of service stations in Angola, including petroleum product logistics and supply.

A memorandum of understanding was also agreed to fund 50 new scholarships for young Angolans to study at French universities by end-2019.

"As today's agreements and the launch of the Zinia 2 development demonstrate, Total, as Angola's main oil and gas producer, continues to help develop the country's oil and gas resources," said Patrick Pouyanné.

"The group appreciates the joint efforts of the Angolan authorities, Sonangol and the industry to enhance taxation framework and regulations."

Pouyanné said the changes were "vital" to revive investment in the key sector of the Angolan economy and develop new projects, including those planned in Block 17.

"First oil from Kaombo in summer 2018 will be the next milestone in the history of Total in Angola."

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