French oil major TotalEnergies on Thursday announced a new oil discovery in Angola and signed agreements to buy a 40% operated interest in two new exploration blocks in the country.
The new Acacia-5 discovery will increase production at the company’s Block 17 by 6 000 barrels per day, TotalEnergies said in a statement. It expects the fast-track development to reach first oil within three months after the discovery was made in June 2026.
The company has also signed agreements with Angola’s petroleum activities regulator Agência Nacional de Petróleo, Gás e Biocombustíveis to enter exploration Blocks 17/25 and 32/21 in the Lower Congo Basin with a 40% operated interest.
TotalEnergies Chief Executive Officer Patrick Pouyanne said on Wednesday that the company and its partners planned to invest $10 billion in Angola over the next five years.
–Reuters–
