TotalEnergies plans to invest $10 billion in Angola over the next five years with its partners, as the French energy major seeks to sustain production and expand exploration in the southern African country.
Chief Executive Officer Patrick Pouyanne announced the investment at an oil conference in Luanda, saying the spending would support several major projects and help Angola maintain crude output at around 1 million barrels per day.
TotalEnergies is currently Angola’s largest oil operator, producing about 450,000 barrels per day. The company is leading the $6 billion Kaminho offshore project in the Kwanza Basin, about 100 kilometres off Angola’s coast. Production from the project is expected to begin in 2028 and will be supported by TotalEnergies’ seventh floating production, storage and offloading vessel in the country.
The company has also secured new exploration opportunities in Angola. TotalEnergies and Exxon Mobil are partners in two offshore blocks, as the oil producer seeks to replenish reserves and maintain output from Angola’s mature fields.
Pouyanne said TotalEnergies would continue investing in exploration as Angola implements regulatory reforms aimed at attracting new investment and extending the life of existing oil assets.
The company is also planning to use artificial intelligence to improve geological exploration. Its AI-based geoscience initiative will initially focus on offshore blocks in the Angolan Basin, where TotalEnergies believes additional oil resources could be identified.
The investment commitment comes as Angola faces the challenge of maintaining oil production from ageing offshore fields. The country has sought to attract fresh investment through changes to its regulatory framework and new exploration opportunities.
TotalEnergies announced on Thursday a new oil discovery at the Acacia-5 well in Block 17, which it expects to add about 6,000 barrels per day to production. The company also agreed with Angola’s petroleum regulator to acquire a 40% operated interest in two new exploration blocks, 17/25 and 32/21, in the Lower Congo Basin.
Angola remains heavily dependent on oil revenues, making continued investment in its upstream sector important for government finances and export earnings.
For TotalEnergies, the planned spending reinforces its position as a major operator in one of Africa’s largest oil-producing countries while giving it access to new offshore resources.
The investment also highlights the continuing role of large international oil companies in Angola as producers seek to offset declining output from mature fields with new discoveries and developments.
Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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