TotalEnergies SE, Petroliam Nasional Bhd. (Petronas), and Sonangol have made a final investment decision (FID) on the Kaminho project to develop the Cameia and Golfinho fields, located 62.1 miles (100 kilometers) off the coast of Angola.
TotalEnergies E&P Angola Block 20 operates Block 20/11 with a 40 percent stake. Petronas Angola E&P Ltd also owns a 40 percent stake, while Sonangol Pesquisa & Produção SA owns 20 percent.
The FID was made possible due to a close collaboration with the concessionaire Agencia Nacional de Petroleo e Gas (ANPG), TotalEnergies said in a news release Tuesday.
The Kaminho project, which is the first large deepwater development in the Kwanza basin, involves the conversion of a very large crude carrier (VLCC) to a floating production storage and offloading (FPSO) unit, which will be connected to a subsea production network.
Designed to minimize greenhouse gas emissions and eliminate routine flaring, the FPSO will be all-electric and associated gas will be fully reinjected into the reservoirs, according to the release. The start of production is expected in 2028, with a plateau of 70,000 barrels of oil per day.
Further, TotalEnergies and Sonangol EP also signed a memorandum of understanding to share expertise on research and technology, notably in decarbonization of the oil and gas industry, with a strong focus on methane emissions reduction and renewable energies.
TotalEnergies’ teams will provide support to Sonangol EP for the start-up and operation of its new Sumbe R&D center and for the development of the skills of the Sonangol research and technology teams, with a focus on reservoir geology, process electrification and photovoltaics, according to the release.
“Building on our pioneering spirit and our long-term partnership with Angola, we are pleased to launch the Kaminho project along with our strategic partners, Sonangol and Petronas, and the strong support and confidence of the Angolan authorities,” TotalEnergies Chairman and CEO Patrick Pouyanné said. “This project, which leverages innovation to fit with our investment criteria – breakeven under 30 $/b and carbon intensity of 16 kg CO2e/boe — will become our seventh FPSO in the country and the first-ever development in the Kwanza basin”.
“We look forward to joining forces with Sonangol in technology to promote innovation and low-carbon technologies for the energy industry in Angola, in particular to slash methane emissions and contribute to the diversification of Angola’s energy mix,” Pouyanne added.
“The first development in the maritime zone of the Kwanza basin is important to showcase the opening of new oil frontiers in Angola, and it’s part of our strategy to keep Angola on the top of African oil producers, bringing important income to our economy,” ANPG Chairman Paulino Jerónimo said.
“The final investment decision of [the] Kaminho project materializes the commitment and efforts made by the Angolan government, through its Ministry and National Concessionaire, and TotalEnergies, Sonangol and Petronas as partners. They allowed the right conditions to contribute to increasing national production of oil and natural gas, and with that the revenues for the country,” Sonangol CEO Gaspar Martins said.
“This milestone is in line with Petronas’ continued efforts to strengthen our international portfolio by participating in prospective regions in Africa with trusted partners. Reaching the FID for this development in the Kwanza basin further demonstrates our steadfast commitment to deliver much-needed reliable energy to our customers and sustainable long-term value to our stakeholders,” Petronas President and Group CEO Tan Sri Tengku Muhammad Taufik said.
TotalEnergies has been present in Angola since 1953 and today employs around 1,500 people across different business segments, according to the release.
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