Commodities

TotalEnergies Commits $10 Billion to Sustaining Angola's Oil Output

Guavy AI Editorial Team Published September 10, 2026

Instruments

Oil

French oil major TotalEnergies has committed to investing $10 billion in Angola over the next five years, partnering with other companies on various projects. This investment is aimed at sustaining oil production levels in the country, which currently stands at around one million barrels per day. TotalEnergies produces approximately 450,000 barrels per day in Angola and will work towards maintaining this level.

TotalEnergies' Chief Executive Patrick Pouyanne said that investments are necessary to achieve these production levels. The company has signed two new exploration licences for offshore Blocks 17 and 32, and will launch an artificial intelligence geoscience initiative with major companies to support the exploration of Angola's offshore oil blocks.

Angola, Sub-Saharan Africa's second-biggest crude oil producer after Nigeria, is undertaking a major regulatory overhaul to encourage exploration investment. This move is aimed at maintaining production levels amid mature offshore fields.

TotalEnergies Commits $10 Billion to Sustaining Angola's Oil Output

Central Banks Flock to Gold as Inflation-Beating Store of Value

US-Iran Tensions Push Gold Near $4,400 as Oil Surges Past $100

Lithuania Locks in Long-Term LNG Deal for Residential Consumers