The French oil giant, TotalEnergies, has committed $3 billion to renewable energy and oil exploration projects in Angola. The chief executive of the French multinational energy company, Patrick Pouyanné, disclosed the company’s desire to explore seven more blocks in the Kwanza River Basin following a meeting with the president of the Republic of Angola, João Lourenço.
Pouyanné said: “This year, we have allocated US$3 billion for specific oil projects in the Kwanza River Basin, such as the Begónia exploration project and others for the expansion of Block 17.”
New projects-“Deep Waters,” “Cameia,” and “Dolphin,” which are already being developed in the Kwanza River Basin, will be launched by TotalEnergies beginning in 2023.
“We are working with the Angolan authorities and if we reach a mutually beneficial understanding, we would like to see these projects in operation by the middle of next year,” he added.
Almost half of Angola’s entire oil production—or 550,000 barrels per day (bpd)—is currently produced by TotalEnergies. Pouyanné added that to save expenses in the mining industry, he and the Angolan president had examined the idea of his business providing solar energy to the Angolan mining industry.
The Hula Solar Park, which will produce 35 megawatts for the national grid, was established in the province of Hula after an agreement was struck in June 2021.
Pouyanné stated, “In Angola, we are not only focused on the traditional oil and gas sector, but also on renewable energies. TotalEnergies plans to expand the Hula Solar Park by another eight megawatts at a cost of US$100 million.”