LUANDA, Sept 10 – TotalEnergies and its partners plan to invest $10 billion in Angola over the next five years, as the French energy major seeks to sustain oil production from the country’s mature offshore fields while expanding exploration.
Chief Executive Patrick Pouyanné announced the investment at an oil conference in Luanda on Wednesday, saying additional capital would be required to maintain production levels.
Angola, sub-Saharan Africa’s second-largest crude oil producer after Nigeria, has been undertaking regulatory reforms aimed at attracting new exploration investment and supporting output as production from established offshore fields declines.
TotalEnergies is Angola’s largest oil operator and currently produces about 450,000 barrels per day in the country. The company is seeking to maintain production around that level as Angola works to keep national crude output near 1 million bpd.
“Investments are necessary to achieve these production levels,” Pouyanné told delegates.
Kaminho Project Anchors Investment
A significant component of TotalEnergies’ investment programme is the $6 billion Kaminho development, located approximately 100 kilometres off Angola’s coast in the Kwanza Basin.
TotalEnergies took the final investment decision on the project in 2024. Kaminho will be connected to the company’s seventh Floating Production Storage and Offloading vessel in Angola and is expected to begin production in 2028.
The project is part of the company’s strategy to develop new offshore resources while maintaining its production base in a country where several major oil fields are entering more mature stages of development.
Pouyanné also said TotalEnergies had signed two new offshore exploration licences covering Blocks 17 and 32 in partnership with Exxon Mobil.
The company is simultaneously pursuing new technologies to identify additional resources. TotalEnergies plans to launch an artificial intelligence-based geoscience initiative with major industry partners to support exploration across Angola’s offshore 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,” Pouyanné said.
The combination of new exploration acreage, AI-assisted geological analysis and major development projects signals TotalEnergies’ intention to maintain Angola as a core part of its African upstream portfolio.
For Angola, continued investment by major international oil companies remains critical to sustaining crude output and attracting new capital into an offshore sector that accounts for much of the country’s production. The $10 billion commitment also comes as Luanda seeks to use regulatory reforms and new exploration opportunities to counter the natural decline of mature fields.
