TotalEnergies CEO: $10 billion Angola investment planned with partners in five years
Patrick Pouyanne, the Chief Executive of TotalEnergies France, announced at a Luanda oil conference on Wednesday that the company will invest $10 billion in Angola with partners over the next five year to 'boost production in various projects.
Angola is Sub-Saharan Africa’s second-largest crude oil producer, after Nigeria. It has undergone a major overhaul of its regulatory framework to encourage investment in exploration, as it aims to maintain production levels?amid mature offshore field?amid.
TotalEnergies is the largest oil company in Angola, producing around 450,000 barrels of oil per day. The company is striving to maintain this level.
He told delegates that "investments are needed to achieve these levels of production."
TotalEnergies will develop the $6 billion Kaminho Project, located about 100 km off Angola’s coast. The final investment decision is expected to be made in 2024.
The Kwanza Basin project, which is linked to the company's 7th Floating Production Storage Offloading vessel (FPSO) in the country?will start production by 2028.
Pouyanne announced on Wednesday that it had signed two "new exploration licenses" for offshore Block 17 & Block 32 in partnership with Exxon Mobil.
The initiative will also include the launch of an artificial intelligence geoscience initiative in collaboration with major companies, to help support?exploration Angola's offshore petroleum blocks.
He said: "We'll?apply this first to the Angolan Basin, because we're convinced there are a?more discoveries yet to be made.?These include those in Block 0 and Block 0."
(source: Reuters)
