TotalEnergies Pledges $10B for Angola Oil Investment

TotalEnergies is committing to invest $10 billion in Angola over the next five years. This pledge aims to prevent oil output from declining and maintain the company's production of around 450,000 barrels per day in the country.

This represents more than 40% of Angola's total oil production. The funds will be used for ongoing projects as well as new exploration efforts.

TotalEnergies' Chief Executive Patrick Pouyanné stated that the company expects to finalize an extension to its Block 32 license, where 'a lot of discoveries' still need to be brought into production.