A significant milestone has been achieved in Angola’s energy sector with the announcement of a Final Investment Decision (FID) for the development of the Kaminho deepwater project.
This project, valued at $6 billion, marks the beginning of the first large-scale deepwater development in the Kwanza Basin, signaling a pivotal moment for Angola’s energy landscape.
The African Energy Chamber (AEC), representing the voice of the African energy sector, commended the partners involved for reaching this critical juncture, highlighting the project’s potential to set a high standard for deepwater projects not only in Angola but across the continent.
“Angola – one of Africa’s largest oil and gas producers – is proving time and time again its commitment to increasing production and alleviating energy poverty through oil and gas monetization.”
“The announcement by TotalEnergies and the ANPG is a critical step forward toward this goal and the AEC commends the efforts of the partners on Block 20/11 to drive this important project forward. The Cameia and Golfinho fields further cement Angola’s status as a major global producer.”
NJ Ayuk, Executive Chairman of the AEC
The Kaminho project is a collaborative effort led by TotalEnergies as the operator, holding a 40% stake, alongside Petronas with another 40%, and the Angolan National Oil Company (NOC), Sonangol, with a 20% share.
Situated approximately 100 kilometers off the coast of Angola in waters reaching depths of 1,700 meters, the project encompasses a Floating Production, Storage, and Offloading (FPSO) unit capable of processing 70,000 barrels per day (bpd).
This FPSO, the seventh developed by TotalEnergies in Angola, will be linked to a subsea production network, involving over 10 million man-hours predominantly dedicated to offshore operations. With the FID now secured, the project is poised to commence production by 2028.
This development aligns with Angola’s strategic goal of maintaining oil production at 1.1 million bpd by 2027, with ambitions to increase output to two million bpd subsequently.
The Kaminho project is crucial for enhancing production capabilities, job creation, and stimulating economic growth. It also signifies the opening of a new oil frontier within the maritime zone of the Kwanza Basin, contributing to Angola’s broader national strategy to strengthen its position as a leading oil and gas producer on the continent.
TotalEnergies’ achievement of FID underscores the company’s longstanding commitment to developing Angola’s offshore oil and gas reserves, a partnership that spans over seven decades.
The Kaminho project not only reinforces this partnership but also showcases TotalEnergies’ expertise in delivering low-cost, low-emission oil and gas solutions in Africa.
Sonangol, following a national privatization initiative, has emerged as a key player in the Angolan oil and gas upstream market. Its participation in the Kaminho project exemplifies the company’s growing role and strategic contributions to large-scale oil and gas projects.
Additionally, TotalEnergies and Sonangol have signed a Memorandum of Understanding (MoU) aimed at decarbonizing the oil and gas industry in Angola. This agreement paves the way for a new era of low-carbon oil and gas developments, focusing on emission reduction and renewable energy initiatives through joint research and development efforts.
President João Lourenço and his oil minister, Diamantino Azevedo, have implemented reforms that have significantly improved Angola’s investment climate.
These reforms have addressed above-ground risks, streamlined permitting and approval processes, and attracted substantial capital investment.
The achievement of FID and the commitment to decarbonization initiatives reflect TotalEnergies and Sonangol’s dedication to advancing low-carbon oil and gas development in Angola, a model that Africa can emulate to leverage its oil and gas resources while transitioning towards sustainable energy practices.
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