TotalEnergies commits $10 billion to Angola oil expansion as country battles output decline

TotalEnergies and its partners will invest $10 billion in Angola over the next five years, the company’s chief executive announced in Luanda, as the country pushes to reverse a steady decline in output from ageing offshore fields.

Patrick Pouyanné made the commitment at the Angola Oil and Gas (AOG) 2026 Conference and Exhibition, confirming that the investment will span multiple projects across exploration and production.

“For the next five years, we will invest $10 billion with our partners in Angola in different projects,” he said.

The centrepiece of the programme is the $6 billion Kaminho project, located roughly 100 kilometres offshore in the Kwanza Basin. The development reached a final investment decision in 2024 and is expected to begin production in 2028, anchored to what will be TotalEnergies’ seventh floating production, storage and offloading (FPSO) vessel operating in Angolan waters.

FPSOs are purpose-built vessels that extract, process, and store crude at sea before offloading to tankers, making them the dominant production technology across Angola’s deepwater fields.

Beyond Kaminho, Pouyanné pointed to a fresh exploration cycle following the extension of Block 32 — one of Angola’s prolific deepwater acreage blocks — as a further pillar of the company’s growth strategy in the country.

TotalEnergies also plans to introduce an artificial-intelligence-based geoscience initiative to support exploration across Angola’s offshore acreage. Pouyanné said Angola will be the first country where the tool is deployed, using it to sharpen subsurface analysis and improve the odds of successful exploration drilling.

The scale of the commitment reflects TotalEnergies’ entrenched position in Angola. The French energy major is already the country’s largest oil operator, producing roughly 450,000 barrels per day — a footprint that gives it both the incentive and the infrastructure to lead new investment cycles.

Angola, a former member of the Organisation of the Petroleum Exporting Countries (OPEC), has seen output from its mature offshore fields decline steadily in recent years, pressuring government revenues that remain heavily dependent on oil exports.

The Kaminho project and the broader $10 billion programme represent a direct response to that structural challenge, aiming to bring new barrels online before existing field depletion deepens further.

For the wider Gulf of Guinea region, the announcement signals continued appetite among international oil companies for deepwater African assets, even as energy transition pressures mount globally.

Angola’s ability to attract capital at this scale will be closely watched by neighbouring producers facing similar maturity curves in their own offshore portfolios.