TotalEnergies Invests $3 Billion in Oil Exploration Projects in Angola

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TotalEnergies. Angola. Bigstock

Oil and gas supermajor, TotalEnergies, has invested $3 billion in Angola for projects related to oil exploration and renewables. The company plans to launch three new oil projects in Block 17 in the Kwanza River Basin in 2024, and is exploring the possibility of supplying solar energy to the Angolan mining industry in several locations throughout the southern African country.

TotalEnergies’ CEO, Patrick Pouyanné, indicated that, starting in 2023, the multinational supermajor will launch the Guas Profundas, Cameia, and Golfinho projects in the Kwanza River Basin.

“This year, we have allocated $3 billion for specific oil projects in the Kwanza River Basin, such as the Begónia exploration projects and others for the expansion of Blocks 17,” Pouyanné stated following a meeting with Angola’s President, H.E. João Lourenço, adding, “We are working with the Angolan authorities and if we reach a mutually beneficial understanding, we would like to see these projects in operation by the middle of next year.”

Additionally, Pouyanné discussed with H.E. President Lourenço, the possibility of providing solar energy to the Angolan mining industry in an attempt to reduce operational costs in the sector.

“In Angola, we are not only focused on the traditional oil and gas sector, but also on renewable energies,” Pouyanné added, indicating that TotalEnergies expects to invest up to $100 million to add an additional 8 MW of solar energy to the Quilemba Solar Project in Angola’s Huíla Province, which is expected to commence construction in 2023, with operation scheduled for 2024.

TotalEnergies currently produces 550,000 barrels of oil per day in Angola, approximately 50% of the country’s total production, and employs roughly 1,500 people in the country.

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ANGOLA OIL & GAS 2022

Representing the country’s official energy event, AOG 2022, in partnership with the Ministry of Petroleum and Mineral Resources of Angola, will take place in Luanda on 29-30 of November and December 1st, 2022.

ANGOLA OIL & GAS 2022

Representing the country’s official energy event, AOG 2022, in partnership with the Ministry of Petroleum and Mineral Resources of Angola, will take place in Luanda on 29-30 of November and December 1st, 2022.

Matthew Goosen

Matthew Goosen

Matthew Goosen is a Video Editor and Content Writer at Energy Capital & Power. He holds an Honours Degree in Film and Media Studies at the University of Cape Town and is currently undergoing his Masters Degree. Born in Pretoria and raised internationally, he has been living in Cape Town since 2013.

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