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TotalEnergies, Partners Plan to Invest $10 Billion in Angola Oil Sector

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TotalEnergies (TTE.PA, TTE.L) Chief Executive Patrick Pouyanné said the French energy company, together with its partners, plans to inject $10 billion into the Angolan oil sector during the next five years, Bloomberg News reported Thursday.

Pouyanné said the investments are required to maintain existing developments and for new exploration, the report noted.

In a same-day statement, the company said it made a new oil discovery at the Acacia-5 prospect on Block 17 offshore Angola.

TotalEnergies also agreed to acquire a 40% operated interest in exploration Blocks 17/25 and 32/21 in the Lower Congo Basin.

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