TotalEnergies and partners to invest $10 billion in Angola projects

TotalEnergies SE and its partners in Angola will invest $10 billion in various projects over the next five years, according to TotalEnergies CEO Patrick Pouyanné.

TotalEnergies is currently producing about 450,000 barrels/day in Angola, Pouyanné said at the Angola Oil & Gas conference Sept. 9. The output accounts for nearly half of total Angolan production of about 1 million b/d.

TotalEnergies holds a 38% operated interest in Block 17 and 30% operated interests in Block 32 and Block 17/06. In addition, TotalEnergies owns a 10% interest in Block 0 alongside Chevron, which operates the development.

TotalEnergies announced a new Angolan oil discovery, Acacia-5, in Block 17 on Sept. 10. The company expects first output from the development around September, just three months after the discovery in June.

A fast-track development will use available capacity on the Pazflor FPSO, TotalEnergies said. Acacia-5 is expected to produce about 6,000 b/d.

CERA, part of S&P Global Energy, reported in July that TotalEnergies began appraisal drilling on the Acacia field in Block 17. Discovered in the early 2000s, Acacia is notable for producing lighter crude from Oligocene reservoirs, complementing heavier oil production from Miocene reservoirs in the Pazflor complex, according to CERA.

Block 17 is one of Angola's most valuable offshore concessions, which hosts several major producing fields, including Girassol, Dalia, Begonia, Pazflor and CLOV, according to CERA.

TotalEnergies also said Sept. 10 that it signed agreements with concessionaire Agência Nacional de Petróleo, Gás e Biocombustíveis to obtain a 40% operated interest in exploration Blocks 17/25 and 32/21 in the Lower Congo Basin.

"They are located close to existing facilities in TotalEnergies-operated Blocks 17 and 32, where six FPSOs are currently producing, therefore allowing for future tie-backs and cost-efficient development of additional resources through existing facilities," the company said.

In the past months, numerous new fields and projects have been started up by Chevron, TotalEnergies, Azule and other companies. Angola's crude production has been in decline since 2008, falling from just under 2 million b/d to about 1.01 million b/d in July 2026.

Pouyanné said that exploration remains TotalEnergies' main ambition in Angola.

"Together with our partners, we aim to explore further and unlock new resources, sustaining a strong exploration effort to identify new opportunities across Angola's offshore basins," he said.

TotalEnergies declined to clarify the exact details of the $10 billion investment plan.

TotalEnergies' production in Angola was about 156,000 b/d of oil equivalent in 2025, according to the company. Crude produced in Angola is mainly sold to Chinese refineries.

Platts, part of S&P Global Energy, assessed the Girassol FOB Angola price at a $3.60/b premium over the forward Angola Dated strip on Sept.9.