TotalEnergies advances development of Angola’s $6b Kaminho oil project

TotalEnergies is moving forward with the advancement of the Kaminho oil project, around 100 kilometers off the coast of Angola, following a final investment decision on the block, the company announced on Tuesday.

According to Reuters citing a statement from Angola’s national hydrocarbon agency ANPG, the $6 billion endeavor encompasses the development of two oil fields within Block 20/11, namely Cameia and Golfino.

Italian engineering company Saipem has been tasked with the conversion of a very large crude carrier into a Floating Production Storage and Offloading (FPSO) unit. This FPSO will facilitate the connection of oil from the offshore fields to a subsea production network.

Patrick Pouyanne, CEO of TotalEnergies, expressed, “This project… will become our seventh FPSO unit in the country and the first-ever development in the Kwanza basin,”

TotalEnergies anticipates production to commence in 2028, with an initial output of 70,000 barrels of oil per day, as stated by the French company.

The company holds a 40 per cent interest in Block 20/11, with Malaysia’s Petronas owning another 40 per cent, and Angola’s Sonangol possessing the remaining 20 per cent.

Angola, where TotalEnergies serves as the leading operator, currently yields 1.1 million barrels of oil per day (bpd), positioning it as Africa’s second-largest crude exporter. Nonetheless, its fields are experiencing a 15 per cent annual decline.

In response, the nation has launched a robust campaign to attract investors, sustain oil production, tap into new reserves, and enhance natural gas production, as attention within the sector shifts towards recent discoveries in Guyana, Namibia, and Suriname.