TotalEnergies reaches investment decision on $6bn Angolan oil project
TLDR
- TotalEnergies progresses with $6 billion Kaminho oil project in Angola's Block 20/11, developing Cameia and Golfino fields.
- Saipem partners to convert crude carrier into FPSO unit for oil transfer from offshore fields to subsea production network.
- Angolan hydrocarbon agency ANPG announces final investment decision on the development of the project.
French oil major TotalEnergies is moving forward with the development of the Kaminho oil project, located 100 kilometers off the coast of Angola, following a final investment decision on the block.
The $6 billion project will develop two oil fields, Cameia and Golfino, situated in Block 20/11, according to a statement from Angola’s national hydrocarbon agency ANPG.
Italian engineering firm Saipem will convert a very large crude carrier into a Floating Production Storage and Offloading (FPSO) unit, which will connect oil from the offshore fields to a subsea production network.
Key Takeaways
Nigeria contributes 8-10% of TotalEnergies’ global output and hosts over 18% of its overall investments. However, CEO Patrick Pouyanne recently explained the company’s decision to invest $6 billion in energy projects in Angola instead of Nigeria. Speaking at the Africa CEO forum in Kigali, Rwanda, Pouyanne cited inconsistency in Nigeria's policymaking as the primary reason for redirecting the investment to Angola, which offers a more stable policy framework. Despite the Niger Delta being the most productive region in West Africa, Pouyanne highlighted that the erratic policy environment in Nigeria has made it an untenable investment location. This shift underscores the importance of stable regulatory environments in attracting and maintaining significant foreign investments in the energy sector.
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