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Press Release

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Sonangol and Total sign agreements and re-launch cooperation

Sonangol E.P and French Oil Company Total signed several agreements in the scope of the relaunch of commercial relations between the two companies...
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Sonangol E.P, Board of Directors chairman Carlos Saturnino and French Oil Company Total CEO Patrick Pouyanné signed on Monday morning, December 4, 2017, at Sonangol headquarters building in Luanda, several agreements in the scope of the relaunch of commercial relations between the two companies.

One of the signed memorandum sets out the guidelines for TOTAL's future investment achievement in Angola. The partnership foresees a new boost for the exploration in Block 48, in ultra-deep waters, interventions in Block 17, which are expected to put into production some of the already identified assets, as well as the redevelopment of Block 3 for Sonangol, Pesquisa e Produção.

It is worth mentioning that Angola has not launched new Blocks for exploration since 2012, which, according to Sonangol's Chairman, could be inverted with a return to exploration.

In the field of human resources training, there will be a broader cooperation in the area of staff training, sharing and skills development, between the two companies, the agreements include the reactivation of the old commitment to create Sonangol Research and Technology Centre.

A Memorandum of Understanding was also signed, which will set out the principles for the creation of a company for the development of activities on distribution of the refined products, including also import, once the market liberalization is regulated. It should be stressed that in this chapter, and in accordance with the government's strategy, Sonangol maintained contacts with other players, in the perspective of sound competition, more quality and better prices, avoiding monopolies. The entry of a new refined products distributor in the market should lead to the repositioning of Sonangol Logística and Sonangol Distribuidora.

The re-launch of Sonangol's activity aims to increase revenues for the country. The steady focus on cost reduction and actions that have positive impact on the lives of the population is part of the company's objectives.

According to Sonangol chairman, cost reduction is a permanent task, which is only possible with the reinvention of new approaches to tackle current and future problems: "We have to be competitive and rethink how to do the hydrocarbon business in Angola," he said.

At the end of the meeting, Carlos Saturnino left an appeal to the workers to take advantage of the momentum that the Company is outlining and launching, to embrace new challenges.

Patrick Pouyenné, CEO of TOTAL expressed satisfaction and made clear the willingness of his company to enter into other partnerships with Sonangol.

Communication and Image Department of Sonangol in Luanda, December 4, 2017.

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