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TotalEnergies Invests $850 Million in Angolan Project

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  • “The investment by TotalEnergies and its partners in the development of national oil resources is not only important, but welcome since the oil sector continues to be of extreme importance to the economy of Angola and all its citizens,” stated ANPG Chairman of the Board of Directors, Paulino Jerónimo, adding, “TotalEnergies demonstrates, in this emblematic block, its leadership in deep offshore and it’s evaluating the replication of this innovative strategy in its portfolio of development opportunities in both existing and new facilities.”

Angola’s National Agency of Petroleum, Gas and Biofuels (ANPG), along with French oil and gas supermajor, TotalEnergies, and its partners have made a Final Investment Decision (FID) of $850 million for the launch of the CLOV Phase 3 Project in Block 17, offshore Angola. 

The investment is expected to increase production while reducing operating costs through the standardization of subsea equipment, innovative engineering, and contractual structures. 

Situated approximately 150km off the Angolan coast in the deep offshore waters of Block 17, the CLOV Phase 3 Development is an extension of the subsea production network and its interconnection to the CLOV floating production storage and offloading (FPSO) unit that will serve to develop additional production from existing fields, with the tie-back project expected to reach a production level of 30,000 barrels of oil equivalent per day (bpd) by mid-2022.

The FID for CLOV Phase 3 is projected to contribute towards the maintenance of Angola’s national production levels while serving to optimize the country’s existing facilities and resources. With first production expected by 2024, the development project will comprise the extension of the complex’s subsea infrastructure and will see the development of five new wells in water depths ranging between 1,100 and 1,400 meters.

Block 17 is operated by TotalEnergies (38%), along with international energy company, Equinor (22%), oil and gas supermajors, ExxonMobil (19%) and BP (15.84%), and Angolan state-owned oil company, Sonangol (5%). The Contractor Group for Block 17 currently has four FPSOs in operation, the Girassol, Dália, Pazflor, and CLOV.

Source
Energy Capital Power

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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