On Monday in Luanda, Sonangol, Total Energies, and Petronas signed a joint partnership agreement to explore and produce oil in the Kaminho Project of Block 20.
This investment, valued at $6 billion, is expected to ensure a daily production of 70,000 barrels by 2028.
The Kaminho Project in Block 20 includes the Cameia and Golfinho fields, located 100 kilometers off the coast of Luanda.
The block has oil reserves estimated at 400 million barrels. Total Energies and Petronas each hold a 40 percent stake, while Sonangol holds 20 percent for the exploration and production of hydrocarbons in the Kwanza Basin.
The official investment ceremony for the Kaminho Project was attended by Paulino Jerónimo, Chairman of the Board of Directors of the National Oil and Gas Agency (ANPG), and Martin Deffontaines, General Director of Total Energies Angola.
In addition to the exploration agreement, Sonangol and Total Energies signed a Memorandum of Understanding focusing on research and development, decarbonization of the oil and gas industry, and renewable energies. This agreement is part of the government’s energy transition political program.
Gaspar Martins, Chairman of the Board of Directors of Sonangol, emphasized that the agreement reflects the commitment and efforts of the government, ANGP, Total Energies, Sonangol, and Petronas.
He noted that the project will boost national production levels of crude oil and natural gas, and increase the country’s revenues.
Patrick Pouyanné, President of Total Energies, who met with Angolan President João Lourenço, praised Angola’s stable business environment.
He highlighted that the project aligns with the French oil company’s portfolio, featuring low-cost and low-emission technology.
Additionally, OneSubsea and Saipem signed contracts with ANPG to provide services for the Kaminho Project in Block 20.
The official ceremony for the final investment decision was attended by several government officials and representatives from the involved companies.
Minister of Mineral Resources, Oil, and Gas Diamantino Azevedo stated that the Kaminho Project will contribute to the sustainability of national oil production in the medium term and generate additional revenue for Angola.
He emphasized that the project’s facilities are designed to minimize greenhouse gas emissions, reinject associated gas into reservoirs, and eliminate routine gas flaring, contributing to the decarbonization of oil operations.
