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TotalEnergies Makes Angola Oil Discovery, to Invest $10 Billion Over Five Years

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TotalEnergies SE (TTE) has made a new oil discovery at the Acacia-5 well in Angola's Block 17 and signed agreements to enter two additional exploration blocks in the country, it said in a statement on Thursday.

The French energy giant, operator of Block 17 with a 38% stake, said first oil from Acacia-5 is now expected just three months after the discovery in June. The project will use capacity on the Pazflor floating production, storage and offloading vessel.

Acacia-5 is expected to increase production from Block 17 by 6,000 barrels per day, the company said, as it marked its second exploration success in the Central African nation this year.

Separately, TotalEnergies said it signed agreements with Angola's National Oil, Gas and Biofuels Agency to acquire a 40% operated interest in exploration Blocks 17/25 and 32/21 in the Lower Congo Basin.

The blocks have existing 3D seismic coverage and are located close to facilities in TotalEnergies-operated Blocks 17 and 32, where six FPSOs are stationed. Their proximity could allow future discoveries to be tied back to them, the company said.

"Exploration is a key pillar of our ambition in Angola, supported by the incentives introduced to encourage investment," said TotalEnergies CEO Patrick Pouyanne.

Angola contributed 156,000 barrels of oil equivalent per day to TotalEnergies' hydrocarbon production in 2025. Total's operated deepwater assets account for 45% of Angola's oil output.

At an oil conference in Luanda on Wednesday, Pouyanne said that the company would be investing $10 billion in the country over the next five years, along with partners, across various projects.

"Investments are necessary to achieve these production levels," he told delegates at the event, according to a Reuters report.

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