TotalEnergies (LSE:TTE) announced an oil discovery in Angola and said it has signed agreements to acquire a 40% operated interest in two exploration blocks in the country.
The French energy company said the Acacia-5 discovery, made in June 2026, is expected to add 6,000 barrels per day of production from Block 17.
TotalEnergies expects the fast-track development to begin producing oil within three months of the discovery.
TotalEnergies Agrees 40% Interests in Exploration Blocks
The company also signed agreements with Angola’s petroleum regulator, Agência Nacional de Petróleo, Gás e Biocombustíveis, to enter Blocks 17/25 and 32/21 in the Lower Congo Basin.
Under the agreements, TotalEnergies will hold a 40% operated interest in each exploration block.
Chief Executive Patrick Pouyanne said Wednesday that TotalEnergies and its partners plan to invest $10 billion in Angola over the next five years.
Leave a Reply