TotalEnergies in Angola – Agrees to $850 million investment to launch new project in Angola

TotalEnergies along with other major oil and companies and Angola’s National Agency of Petroleum, Gas and Biofuels (ANPG) have agreed to a $850 Final Investment Decision (FID). The investment is aimed at increasing Angola’s oil production and taking advantage of the standardisation of subsea equipment. 

The investment will launch the CLOV Phase 3 Project about 150km off the Angolan coast in the deep offshore waters of Block 17. This location extends to the CLOV floating production storage and offloading (FPSO) unit and will increase the subsea production network by creating five new wells in water depths between 3,600 and 4,600 feet. 

When to expect production

This project is expected to take 2 million hours of work, 1.5 million of which will be done in Angola primarily in Lobito and Luanda. It is expected to be complete by 2024, at which point the production is expected to reach 30,000 barrels per day (bpd). Also, thanks to the standardisation of equipment, the cost of production is expected to decrease by 20%.

Among the partners involved in the Block 17 project are TotalEnergies, Equinor, ExxonMobil, BP, and Sonangol, each of which controls 38%, 22%, 18%, 15.84% and 5% of the region respectively.

See also  Squid Game Token Price Prediction - A Play-to-earn Squid Game