TotalEnergies Invests $3 Billion in Oil Exploration Projects in Angola

TotalEnergies. Angola. Bigstock

“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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Onur Yilmaz

Onur Yilmaz

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