Regulatory News:
Patrick Pouyanné, Chairman and CEO of TotalEnergies (Paris:TTE)
(LSE:TTE) (NYSE:TTE), met on May 20 in Luanda with 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, to
announce the Final Investment Decision of the Kaminho deepwater
project.
TotalEnergies (40%), along with its Block 20/11 partners,
Petronas (40%) and Sonangol (20%), announced the Final Investment
Decision (FID) of the Kaminho project to develop the Cameia and
Golfinho fields, located 100 km off the coast of Angola, by 1,700 m
water-depth. This FID has been made possible thanks to a close
collaboration with the concessionaire Agencia Nacional de Petroleo
e Gas (ANPG).
The Kaminho project which is the first large deepwater
development in the Kwanza basin comprises 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 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
barrels of oil per day.
The Kaminho project will involve over 10 million man-hours in
Angola, mainly with offshore operations and construction at local
yards.
On this occasion, TotalEnergies and Sonangol EP also signed a
Memorandum of Understanding to share expertise on Research &
Technology, notably in decarbonization of the Oil & Gas
industry, with a strong focus on methane emissions reduction and
renewable energies. TotalEnergies’ teams will provide support to
Sonangol EP for the start-up and operation of its new Sumbe R&D
center and for the development of the skills of the Sonangol
research and technology teams, with a focus on reservoir geology,
process electrification and photovoltaics.
“Building on our pioneering spirit and our long-term partnership
with Angola, we are pleased to launch the Kaminho project along
with our strategic partners, Sonangol and Petronas, and the strong
support and confidence of the Angolan authorities. 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. “We look forward to joining
forces with Sonangol in technology to promote innovation and
low-carbon technologies for the energy industry in Angola, in
particular to slash methane emissions and contribute to the
diversification of Angola's energy mix.”
Diamantino de Azevedo, Minister of Mineral Resources, Oil
& Gas (MIREMPET), highlighted the importance of the
partnership between TotalEnergies, Sonangol and Petronas to make
possible the Kaminho project and said: “This partnership is for us
of extreme importance, as it creates a joint operating entity
between Sonangol and TotalEnergies in production phase. It is also
relevant that the contracts signed today include national companies
and contribute to local content with more than 10 million hours of
work to be performed by local companies”.
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.”
Gaspar Martins, CEO Sonangol, said: “The final investment
decision of Kaminho project materializes the commitment and efforts
made by the Angolan government, through its Ministry and National
Concessionaire, and TotalEnergies, Sonangol and Petronas as
partners. They allowed the right conditions to contribute to
increasing national production of oil and natural gas, and with
that the revenues for the country”.
Tan Sri Tengku Muhammad Taufik, Petronas President and Group
CEO, said, “This milestone is in line with Petronas’ continued
efforts to strengthen our international portfolio by participating
in prospective regions in Africa with trusted partners. Reaching
the FID for this development in the Kwanza basin further
demonstrates our steadfast commitment to deliver much-needed
reliable energy to our customers and sustainable long-term value to
our stakeholders.”
***
TotalEnergies in Angola TotalEnergies has been present in
Angola since 1953 and today employs around 1,500 people across
different business segments. With a diversified portfolio, deep
offshore operated assets representing more than 45% of the
country’s oil production, service stations in partnership with
Sonangol and renewable energy projects, TotalEnergies in Angola is
a key player in supporting the country’s sustainable energy
transition.
Block 20/11 TotalEnergies E&P Angola Block 20
operates Block 20/11 with a 40% interest, alongside Petronas Angola
E&P Ltd (PAEPAL, 40%) and Sonangol Pesquisa & Produção SA
(20%)
About TotalEnergies TotalEnergies is a global integrated
energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to provide as many
people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries,
TotalEnergies places sustainability at the heart of its strategy,
its projects and its operations.
@TotalEnergies - TotalEnergies - TotalEnergies
- TotalEnergies
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