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TotalEnergies and its partners plan to invest $10 billion in Angola over the next five years as the Southern African country struggles to maintain production from its ageing offshore oilfields.
Patrick Pouyanné, TotalEnergies’ chairman and chief executive, announced the investment programme at the Angola Oil & Gas conference in Luanda on Wednesday, Reuters reported.
The French energy company currently produces approximately 450,000 barrels of oil per day in Angola, making it the country’s largest operator.
That output is equivalent to roughly 45% of Angola’s target of maintaining national production at around one million barrels daily.
Pouyanné said continued investment was necessary to protect existing production while developing new oil resources.
One of the programme’s largest components is the $6 billion Kaminho deepwater development in the Kwanza Basin.
TotalEnergies and its partners approved the project in 2024. It is situated approximately 100 kilometres offshore and is scheduled to begin producing oil in 2028.
Kaminho will use TotalEnergies’ seventh floating production, storage and offloading vessel in Angola.
The company also signed two exploration licences covering areas in offshore Blocks 17 and 32 in partnership with ExxonMobil.
In addition, TotalEnergies plans to introduce an artificial intelligence programme that will analyse geological information from Angola’s offshore basins and identify possible drilling targets.
The initiative will begin in the Angolan Basin, where the company believes additional discoveries could be made.
Angola has reformed parts of its oil and gas regulatory system to attract investment as production from mature offshore fields declines.
The country is sub-Saharan Africa’s second-largest oil producer after Nigeria, but its output has fallen significantly from the peak of almost two million barrels per day reached in 2008.
The $10 billion announcement does not represent spending by TotalEnergies alone. It includes contributions from the company’s project partners and may cover investments that were previously approved, including Kaminho.
TotalEnergies has also not released a breakdown showing how much of the programme is new capital or how the money will be divided among production, exploration and technology.
