TotalEnergies launches $6 billion Kaminho deepwater oil and gas project offshore Angola

May 21, 2024

(WO) – On Monday, May 20, Patrick Pouyanné, Chairman and CEO of TotalEnergies, João Lourenço, President of Angola, Diamantino Azevedo, Minister of Mineral Resources, Oil & Gas (MIREMPET), Paulino Jerónimo, Chairman and CEO of ANPG and Gaspar Martins, Chairman and CEO of Sonangol, announced that the company has made a Final Investment Decision (FID) for the Kaminho deepwater oil and gas project offshore Angola.

TotalEnergies (40%), along with its Block 20/11 partners, PETRONAS (40%) and Sonangol (20%), announced the Final Investment Decision (FID) of the Kaminho deepwater project to develop the Cameia and Golfinho fields, located 100 km offshore Angola, in 1,700 m water-depth.

The Kaminho oil and gas project, which is the first large deepwater development in the Kwanza basin, includes 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.

Designed to minimize greenhouse gas (GHG) emissions and eliminate routine flaring, this FPSO is all-electric, and associated gas will be fully reinjected into the reservoirs. Production start-up is expected in 2028, with a plateau of 70,000 bopd.

The Kaminho oil and gas project will involve over 10 million man-hours in Angola, mainly with offshore operations and construction at local yards.

“This project, which leverages innovation to fit with our investment criteria - breakeven under 30 $/b and carbon intensity of 16 kg CO2e/boe - will become our seventh FPSO in the country and the first-ever development in the Kwanza basin”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

Paulino Jerónimo, Chairman of the Board of ANPG, said, “The first development in the maritime zone of the Kwanza basin is important to showcase the opening of new oil frontiers in Angola, and it’s part of our strategy to keep Angola on the top of African oil producers, bringing important income to our economy.”


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