The National Oil, Gas and Biofuel Agency (ANPG), Total Energies EP Angola and Sonangol Pesquisa e Produção signed, this Tuesday 2nd May, in Luanda, an agreement of principles that makes it possible to make the first development project in the Kwanza Basin feasible. , in Blocks 20 and 21.
Valued at around US$5 billion, the development project for the Kwanza Basin, located around 150 kilometers southwest of Luanda, will comprise a floating FPSO-type platform, the seventh by Total Energies EP Angola, anchored at 1,700 meters depth of water and connected to a subsea production network.
The agreement was signed by the chairman of the Board of Directors of ANPG, Paulino Jerónimo, the general manager of Total Energies EP Angola, Martin Deffontaines, and the members of Sonangol Tiago Neto and Isabel Policarpo, in an act witnessed by the Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, and by Sonangol CEO, Gaspar Martins.
The Minister of Mineral Resources, Oil and Gas told the press, on the sidelines of the ceremony, that the agreement is of great importance for the sector.
Diamantino Azevedo exhorted the project promoters to work hard so that the oil industry continues to make its contribution to the development of the country’s economy. “We feel motivated by everyone’s engagement, and I hope that we will all continue to work in this way so that the oil industry continues to make an important contribution to the country’s economy”, he said.
In turn, the PCA of ANPG stressed that, with the agreement, it is expected that, within a period of two or three months, the terms of the final investment decision will be obtained, which will allow the development of the field, and that, by the end of 2026 and early 2027, oil production will begin. Paulino Jerónimo highlighted that the project envisages a maximum production of 70 to 100 thousand barrels of oil per day, which will help to mitigate the decline in production.
The managing director of Total Energies EP Angola, Martin Deffontaines, stressed that the company intends to go ahead with the project later this year, allowing production from the two fields. “It’s a new challenge for the teams to put these fields in development”, he said.
