Angola: TotalEnergies makes a final investment decision (FID) for the Kaminho offshore project

TotalEnergies, together with its partners Petronas and Sonangol, has made a final investment decision (FID) for the Kaminho project to develop the Cameia and Golfinho fields offshore Angola.

Located 100 km off the Angolan coast, at a water depth of 1,700 m, the fields are part of Block 20/11.

TotalEnergies holds a 40% direct interest, with Petronas holding 40% and Sonangol 20%.

The Kaminho project, the first major deepwater development in the Kwanza Basin, involves the conversion of a Very Large Crude Carrier (VLCC) into 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 the associated gas will be entirely reinjected into the reservoirs.

Production is expected to start up in 2028, with a plateau of 70,000 barrels of oil per day, TotalEnergies said.

"Building on our pioneering spirit and long-term partnership with Angola, we are delighted to launch the Kaminho project with our strategic partners, Sonangol and Petronas, and the strong support and confidence of the Angolan authorities.

"This project, which relies on innovation to meet our investment criteria - break-even below $30/bbl and carbon intensity of 16 kg CO2e/boe - will become our seventh FPSO in the country and the very first development in the Kwanza Basin," said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

Sonangol EP and TotalEnergies have also signed a Memorandum of Understanding (MoU) to share their research and technology expertise, particularly in the decarbonization of the oil and gas industry, with a strong focus on methane emissions reduction and renewable energies.

TotalEnergies teams will support Sonangol EP in the start-up and operation of its new Sumbe R&D center, and in developing the skills of Sonangol's research and technology teams, with a focus on reservoir geology, process electrification and photovoltaics.