TotalEnergies plans $10bn Angola investment with partners over five years, CEO says
French oil major TotalEnergies will invest $10-billion with partners in Angola over the next five years to bolster production across various projects, Chief Executive Patrick Pouyanne said at an oil conference in Luanda on Wednesday.
Angola, Sub-Saharan Africa's second-biggest crude oil producer after Nigeria, has undertaken a major regulatory overhaul to encourage exploration investment as it looks to maintain production levels amid mature offshore fields.
TotalEnergies, the country's largest oil operator, produces around 450 000 bl/d in Angola and is working to maintain that level, Pouyanne said, as the Southern African country strives to maintain output of around one-million barrels a day.
"Investments are necessary to achieve these production levels," he told delegates.
TotalEnergies is developing the $6-billion Kaminho project, about 100 km (62 miles) off Angola's coast, after taking a final investment decision in 2024.
Linked to the company's seventh Floating Production Storage and Offloading vessel in the country, the project in the Kwanza Basin is expected to start production in 2028.
Pouyanne said on Wednesday the company had signed two new exploration licences for offshore Block 17 and Block 32 in partnership with Exxon Mobil.
It would also launch an artificial intelligence geoscience initiative with major companies to support exploration of Angola's offshore oil blocks.
"We will apply it first to the Angolan Basin because we are convinced that there are more discoveries to be made, such as those in Block 17 and Block 0," he said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
