TotalEnergies Pledges $10 Billion Angola Investment Amid Aging Oilfields

TotalEnergies, along with its partners, is planning to invest $10 billion in Angola over the next five years. The investment aims to maintain production from the country's ageing offshore oilfields.

The French energy company currently produces around 450,000 barrels of oil per day in Angola, which accounts for roughly 45% of the country's target output of one million barrels daily.

Pouyanné stated that continued investment is necessary to protect existing production while developing new oil resources. One of the programme's largest components is the $6 billion Kaminho deepwater development in the Kwanza Basin, which will use TotalEnergies' seventh floating production vessel in Angola.