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.
