TotalEnergies of France Plans to Invest USD 10 Billion in Angola Over the Next Five Years

en.Wedoany.com Reported - On September 9, Patrick Pouyanné, Chairman and Chief Executive Officer of France's TotalEnergies, said at an oil industry conference held in Luanda that TotalEnergies plans to invest approximately USD 10 billion in Angola over the next five years together with its partners for the development of multiple oil and gas projects and the maintenance of existing production. TotalEnergies is currently one of the largest international oil and gas operators in Angola, with local operated production of approximately 450,000 barrels per day, and the company plans to maintain this production level amid the coexistence of future project start-ups and natural decline at mature fields.

This five-year investment plan covers TotalEnergies' existing deepwater fields, new deepwater projects and subsequent exploration activities in Angola. One of the largest single projects by investment scale is the Kaminho deepwater oilfield development project. The project is located in Block 20/11 of the Kwanza Basin in Angola and develops the Cameia and Golfinho fields. TotalEnergies holds a 40% interest and serves as operator, Malaysia's Petronas holds 40%, and Angola's national oil company Sonangol holds 20%. The final investment decision for the project was made in 2024, with a total investment of approximately USD 6 billion.

The Kaminho project adopts a scheme of converting a very large crude carrier into a floating production, storage and offloading (FPSO) unit, connected to a subsea production system. The FPSO features an all-electric design, and the project plans to reinject all associated gas into the reservoir. The project is expected to start production in 2028, with peak crude oil production of approximately 70,000 barrels per day. TotalEnergies previously disclosed that the Kaminho project is expected to generate more than 10 million man-hours locally in Angola, mainly involving offshore construction and construction work at local Angolan shipyards.

After Kaminho starts production, it will become the seventh FPSO production system operated by TotalEnergies in Angola. The company's main producing assets in Angola are currently concentrated in Block 17, Block 32 and Block 0. Block 17 has formed four deepwater production hubs: Girassol, Dalia, Pazflor and CLOV, while the Kaombo project in Block 32 produces through two FPSOs, Kaombo Norte and Kaombo Sul.

The Kaombo project in Block 32 consists of six offshore oilfields, with a development area of more than 800 square kilometers and 59 production and injection wells. The project uses two FPSOs converted from very large crude carriers, with Kaombo Norte and Kaombo Sul each handling production from different field clusters. TotalEnergies holds a 30% interest in the block, and other partners include Sonangol, Sonangol Sinopec International and companies under ExxonMobil.

In addition to development projects, TotalEnergies also plans to expand its offshore exploration work in Angola. The company has acquired new offshore exploration interests and plans to continue advancing exploration in deepwater and ultra-deepwater blocks in Angolan basins together with its partners, while applying artificial intelligence geoscience technology to offshore oil and gas exploration data analysis. The five-year investment plan announced by TotalEnergies also covers these exploration activities and infill development of mature producing assets.

In the natural gas sector, TotalEnergies holds an 11.8% interest in Angola's New Gas Consortium project. The project is operated by Azule Energy, and other partners include Cabinda Gulf Oil Company and Sonangol E&P. The project's Quiluma offshore gas field started production in March 2026, with peak natural gas production of approximately 330 million cubic feet per day, equivalent to approximately 2 million tons per year of LNG supply, and the produced natural gas is delivered to the Angola LNG liquefaction facility.

Angola's current national crude oil production target is approximately 1 million barrels per day. As some traditional offshore oilfields gradually enter maturity, new deepwater projects, tie-backs to fields around existing FPSOs, infill drilling and new exploration blocks have become the main project sources for maintaining production. The approximately USD 10 billion five-year investment plan proposed by TotalEnergies will be borne jointly by the company and its project partners, and at this stage no specific capital expenditure allocation of the USD 10 billion among individual blocks and individual projects has been disclosed.