TotalEnergies invests US$3 billion in energy projects in Angola

French oil company TotalEnergies plans to invest US$3 billion in projects linked to renewable energy, namely solar parks and oil exploration in Angola, reports the Jornal de Angola newspaper.

The announcement was made by the director general of the French multinational, Patrick Pouyanné, at the end of an audience with Angolan President João Lourenço, on Tuesday, November 1.

“We have made available this year US$3 billion that will be invested in specific oil projects in the Kwanza River Basin, such as the Begonia exploration project and others to expand Block 17,” Pouyanné said, cited by the Angolan daily newspaper.

Pouyanné also said that, as of 2024, Total Energies plans to create new projects, such as “Águas Profundas”, “Cameia”, and “Golfinho”, for the Kwanza River Basin, where it plans to explore seven blocks.

TotalEnergies currently produces 550,000 barrels of oil per day, representing almost 50 percent of oil production in Angola.

The General Director of TotalEnergies also addressed the possibility of the company providing solar energy to the mining industry in the country to reduce costs in the sector.

In June last year, TotalEnergies signed an agreement to create a solar park in Huíla province, generating 35 megawatts for the national grid.

“In Angola, we are not only focused on the oil and gas sector as was the tradition, but also in the renewable energy area,” said Patrick Pouyanné, who admitted the addition of another 8 Megawatts to the Huíla Solar Park in a total investment of US$100 million.

With information from Lusa