TotalEnergies and its partners have reached a final investment decision (FID) on the $6 billion Kaminho deepwater project in Angola’s Kwanza Basin, marking a significant advancement in the region’s oil industry. The project, located approximately 100km off the coast in 1,700-meter deep waters, involves developing the Cameia and Golfinho fields.
The Kaminho project is a joint effort with TotalEnergies holding 40%, Malaysia’s Petronas 40%, and Angola’s national oil company, Sonangol, 20%. Central to this development is a Floating Production, Storage, and Offloading (FPSO) unit with a capacity of 70,000 barrels per day (bpd), expected to commence production by 2028. This initiative supports Angola’s objective to maintain oil production at 1.1 million bpd by 2027 and aims to increase output to two million bpd.
The African Energy Chamber (AEC) has praised this project for setting new standards in deepwater developments. NJ Ayuk, Executive Chairman of the AEC, stated, “The Cameia and Golfinho fields further solidify Angola’s status as a major global producer. This project is vital for enhancing production and addressing energy needs.”
Sonangol’s involvement highlights its transformation into a competitive operator following national privatization efforts. This partnership underscores Sonangol’s growing capabilities and strategic role in Angola’s oil and gas sector.
In addition to the FID, TotalEnergies signed a Memorandum of Understanding (MoU) with Sonangol EP to decarbonize the oil and gas industry. This agreement focuses on joint research and development to reduce emissions and boost renewable energy projects, fostering skills in geology and electrification.
Reforms by President João Lourenço and Oil Minister Diamantino Azevedo have created a favorable investment climate by addressing risk issues and streamlining approval processes. According to Ayuk, “Achieving FID while partnering on decarbonization initiatives demonstrates TotalEnergies and Sonangol’s commitment to developing low-carbon oil and gas in Angola.”
Angola’s dedication to energy development and environmental responsibility is evident in the Kaminho project. The collaboration between TotalEnergies, Petronas, and Sonangol promises to unlock new potential in the Kwanza Basin, significantly boosting Angola’s oil production and economic prospects.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
23rd May, 2024
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