French oil major TotalEnergies announced plans to invest $10 billion with its partners in Angola over the next five years. This investment, revealed by CEO Patrick Pouyanne at the Angola Oil & Gas (AOG) 2026 Conference and Exhibition in Luanda, aims to bolster production across various projects and support new exploration efforts in the country. The move comes as Angola, the second-largest crude oil producer in Sub-Saharan Africa, seeks to counter declining output from mature offshore fields and attract capital for new exploration and production to maintain its overall production levels of around 1 million barrels per day (bpd).
A significant portion of this investment is directed towards the Kaminho project, an offshore development in the Kwanza Basin, which received its final investment decision in 2024 and is projected to begin production in 2028. This $6 billion project will be linked to the company’s seventh Floating Production Storage and Offloading (FPSO) vessel in Angola. Additionally, TotalEnergies is preparing for a new exploration cycle, following the extension of Block 32, and plans to implement an artificial intelligence-based geoscience initiative to enhance exploration efforts across Angola's offshore acreage. The company also signed agreements for two new exploration licenses for offshore Block 17 and Block 32, in partnership with Exxon Mobil.
TotalEnergies is currently Angola's largest oil operator, producing approximately 450,000 bpd in the country. The company's investment strategy reflects its broader goal of diversifying its asset base and maintaining capital discipline. The Angolan investment is part of TotalEnergies' 2026-2030 capital expenditure plan, which is set at $14-$16 billion per year. The company recently made a new oil discovery, Acacia-5, in Block 17, which is expected to increase production from that block by 6,000 bpd within three months of the June 2026 discovery.
