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TotalEnergies to Develop $6-Billion Oil Project Offshore Angola

TotalEnergies and its partners have decided to move ahead with a $6-billion deepwater oil project offshore Angola, the French supermajor said on Tuesday.

TotalEnergies is the operator and holder of 40% in Block 20/11 where the deepwater Kaminho project will be developed. Its partners are Malaysia’s Petronas with a 40% stake and Angola’s oil firm Sonangol with a 20% interest.

The Kaminho project to develop the Cameia and Golfinho fields, located 100 kilometers (62 miles) off the coast of Angola, will be the first large deepwater development in the Kwanza basin. The project will entail 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. The FPSO unit will be all-electric, to minimize emissions and eliminate routine flaring, while all associated gas will be fully re-injected into the reservoirs.

TotalEnergies and partners expect oil production at the Kaminho project to begin in 2028, with plateau output of 70,000 barrels of oil per day.

This project has a breakeven of below $30 per barrel and carbon intensity of 16 kg CO2e/boe, TotalEnergies chairman and CEO Patrick Pouyanné said in a statement.

Kaminho will be the French supermajor’s seventh FPSO in Angola and the first-ever development in the Kwanza basin, Pouyanné added.

Angola left OPEC at the end of 2023 amid a row over production quotas in the OPEC+ agreement. The African oil producer is now looking to open new frontier developments with the project in the Kwanza basin.

In addition, Angola’s neighbor to the south, Namibia, has been a key exploration target in recent years for several oil majors, including TotalEnergies.

TotalEnergies made a significant discovery of light oil with associated gas on the Venus prospect in the Orange Basin in early 2022. Venus in Namibia could be a "giant oil and gas discovery," the French supermajor said in an investor presentation in September 2022.

In January this year, TotalEnergies signed agreements to raise its interests in two blocks it already operates offshore Namibia.

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By Charles Kennedy for Oilprice.com

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