TotalEnergies Pushes Ahead with $6 Billion Angolan Kaminho Oil Project

TotalEnergies Pushes Ahead with $6 Billion Angolan Kaminho Oil Project
TotalEnergies Pushes Ahead with $6 Billion Angolan Kaminho Oil Project

TotalEnergies, the French oil conglomerate, has progressed with its Kaminho oil project situated off the Angolan coast, following a conclusive investment decision on the prospective block.

The announcement yesterday, Tuesday signaled a significant commitment to developing two oil fields located in Block 20/11, namely Cameia and Golfino, according to the statement from Angola’s national hydrocarbon agency ANPG.

The project, estimated at $6 billion, will see Saipem, an Italian engineering giant, repurpose a very large crude carrier to serve as a Floating Production Storage and Offloading (FPSO) unit. This vessel will structure a linkage between the subsea production network and offshore fields.

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

With production projected to start in 2028, the enterprise is expected to reach a peak output of 70,000 barrels of oil daily.

READ MORE: Revolutionary Discovery: $24 Billion Worth of ‘Invisible’ Gold Found in Johannesburg’s Mine Dumps

Capitalizing on the fields, TotalEnergies claims a 40% stake in Block 20/11, alongside Malaysia’s Petronas and Angola’s Sonangol, holding 40% and 20% respectively.

As Angola’s premier operator, TotalEnergies’ investments come in a time when Angola’s output is at 1.1 million barrels per day, positioning it as Africa’s second-leading crude oil exporter. However, an annual 15% decline in field productivity has been a notable challenge.

In conclusion, Angola is intensifying efforts to court investors aiming not only to sustain its current oil production but also to tap into new reserves and amplify natural gas outputs. This is particularly crucial as global interest gravitates towards fresh discoveries in regions like Guyana, Namibia, and Suriname.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

5 × 2 =