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.
