TotalEnergies invests $10 billion in Angola, aiming to sustain oil output

TotalEnergies SE and its partners will invest $10 billion in Angola’s oil sector over the next five years.

CEO Patrick Pouyanné confirmed the funding will maintain production at approximately 450,000 barrels per day. This output represents more than 40% of the nation's total oil production.

The capital will support both existing developments and new exploration efforts. This move aligns with Angola’s strategy to stabilize national output at one million barrels per day.

Angola withdrew from OPEC in 2023 to eliminate production quotas. The nation seeks to attract investment to counter declining output from its offshore fields.