TotalEnergies plans to invest $10 billion alongside its partners in Angola over the next five years to maintain and potentially increase its oil production there. The company currently produces around 450,000 barrels per day in Angola, making it the country's largest oil operator and accounting for more than 40% of its total output. The spending will cover existing operations, new exploration, and projects to replace production from Angola's aging offshore fields, including the $6 billion Kaminho development, which is expected to start producing oil in 2028. TotalEnergies has also signed agreements for two additional offshore blocks and recently announced a discovery in Block 17 that could add roughly 6,000 barrels per day. The company acknowledged that much of the $10 billion may be needed just to keep production from falling, and that major projects such as Kaminho will not begin producing until 2028, leaving returns dependent on oil prices and subject to potential delays.
TotalEnergies SETotalEnergies plans $10 billion of investment in Angola over five years to maintain and grow its oil production there.
