TOTALENERGIES UNCOVERS NEW OIL FIND, TARGETS $10BN ANGOLA INVESTMENT

French energy giant TotalEnergies has announced a new oil discovery in Angola as it expands its operations in the country and prepares to enter two additional offshore exploration blocks. The company said the newly discovered Acacia-5 field is expected to increase production from Block 17 by about 6,000 barrels per day, with the development being fast-tracked to bring the discovery into production within three months of its June 2026 discovery.

TotalEnergies also signed agreements with Angola’s petroleum regulator, the Agência Nacional de Petróleo, Gás e Biocombustíveis, to acquire a 40 per cent operated interest in two new exploration areas, Blocks 17/25 and 32/21, located in the Lower Congo Basin. The move forms part of the company’s broader strategy to expand exploration activities in Angola and identify additional oil resources as production from some of the country’s mature offshore fields gradually declines.

The latest discovery comes as TotalEnergies strengthens its long-term commitment to Angola’s oil industry. Chief Executive Officer Patrick Pouyanne said the company and its partners plan to invest about $10 billion over the next five years, with the funding expected to support several projects and help maintain production levels in the country. TotalEnergies currently produces around 450,000 barrels of oil per day in Angola, making it the country’s largest oil operator.

The company is also developing the $6 billion Kaminho project, located about 100 kilometres off Angola’s coast in the Kwanza Basin. The project, which will be connected to TotalEnergies’ seventh floating production, storage and offloading vessel in Angola, is expected to begin production in 2028. The company has said continued investment will be necessary to help Angola maintain crude production at around one million barrels per day.

TotalEnergies’ latest moves come amid renewed efforts by Angola to attract investment into its oil sector through regulatory reforms and new exploration opportunities. The French company has also indicated that it believes further discoveries remain possible in Angola’s offshore basins, increasing expectations that the latest find could be part of a broader push to sustain the country’s oil production and strengthen its position as a major crude producer in sub-Saharan Africa.