TotalEnergies to Invest $10 Billion in Angola’s Offshore Oil Projects
TotalEnergies (TTE) plans to invest $10 billion over the next five years in Angola, aiming to maintain and potentially increase its oil production. The company currently produces around 450,000 barrels per day there, representing more than 40% of the country's total output. The investment will focus on existing operations, new exploration projects, and efforts to replace declining production from aging offshore fields. A key project is the $6 billion Kaminho development expected to start in 2028. TotalEnergies has also made a recent discovery in Block 17 that could add approximately 6,000 barrels per day. Despite the potential for growth and favorable oil prices above $100 per barrel, concerns remain about whether much of the investment will be needed just to maintain current production levels. Risks include timing delays, regulatory uncertainties in Angola, and exploration challenges.
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