TotalEnergies to invest $10 billion with partners in Angola over five years
Type: Investment · Technology: Oil Gas · Country: Angola · Value: $10B · Announced: 2026-09-09
TotalEnergies and partners will invest $10 billion in Angola over the next five years to bolster oil and gas production across various projects. Chief Executive Patrick Pouyanne announced the investment at an oil conference in Luanda, stating it is necessary to maintain production levels amid mature offshore fields. TotalEnergies, the country's largest oil operator, currently produces around 450,000 barrels per day in Angola and is working to maintain that level as the Southern African country strives to maintain output of around 1 million bpd. The investment follows a major regulatory overhaul in Angola to encourage exploration investment. Additionally, TotalEnergies is developing the $6 billion Kaminho project, about 100 km off Angola's coast, linked to the company's seventh Floating Production Storage and Offloading vessel in the Kwanza Basin, expected to start production in 2028. The company also signed two new exploration licences for offshore Block 17 and Block 32 in partnership with Exxon Mobil and will launch an artificial intelligence geoscience initiative to support exploration of Angola's offshore oil blocks.
Analysis
TotalEnergies and Partners Group will invest $10 billion in Angola over the next five years to support oil and gas production. TotalEnergies operates in about 120 countries and currently produces roughly 450,000 barrels per day in Angola. Partners Group manages private markets assets globally across private equity, real estate, debt and infrastructure. The investment includes the $6 billion Kaminho project with a seventh FPSO slated for first oil in 2028 and two new exploration licences on offshore Block 17 and Block 32 signed in September 2026.
Key points
- $10 billion investment over five years
- TotalEnergies produces ~450,000 barrels per day in Angola
- $6 billion Kaminho project with FPSO expected in 2028
- New exploration licences on Block 17 and Block 32
- Partners Group is a global private markets investment manager
Counterparties
- Partners Group (Partner)
- TotalEnergies (Investor)
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