TotalEnergies announced on Tuesday the launch of an offshore oil project off the coast of Angola, with production set to begin in 2028, aiming for a plateau of 70,000 barrels of oil per day.
In a statement, the oil giant mentioned that its CEO, Patrick Pouyanné, met with Angola’s President João Lourenço and CEOs of partner companies ANPG and Sonangol in Luanda on Monday.
TotalEnergies, holding a 40% stake in the project, along with partners Petronas (40%) and Sonangol (20%), announced the final investment decision (FID) for the Kaminho project. This project aims to develop the Cameia and Golfinho fields, located 100 km offshore Angola, at a depth of 1,700 meters.
While no specific amount was disclosed, Bloomberg reported an investment of $6 billion.
The Kaminho project, the first major deepwater development in the Kwanza Basin, includes converting a VLCC (Very Large Crude Carrier) tanker into a floating production, storage, and offloading unit (FPSO), which will connect to a subsea well system.
TotalEnergies designed this “all-electric” floating unit to minimize greenhouse gas emissions and eliminate routine flaring, reinjecting all associated gas into the reservoir.
They expect production to start in 2028, reaching a plateau of 70,000 barrels of oil per day.
“This project will be our seventh FPSO in Angola and the first development in the Kwanza Basin,” highlighted Patrick Pouyanné in the statement.
Diamantino de Azevedo, Angolan Minister of Mineral Resources, Oil and Gas, stressed that national companies have signed contracts and are contributing to local content, with more than 10 million hours of work that local companies will have to carry out for the project.