TotalEnergies SE (NYSE:TTE), along with its Block 20/11 partners, Petronas and Sonangol, disclosed the Final Investment Decision (FID) of the Kaminho deepwater project in Angola.
The company plans to develop the Cameia and Golfinho fields, located 100km off the coast of Angola, by 1,700m water-depth.
This FID was made possible by a close collaboration with the concessionaire Agencia Nacional de Petroleo e Gas (ANPG).
The Kaminho project, the first large deepwater development in the Kwanza basin, comprises converting a Very Large Crude Carrier (VLCC) to a Floating Production Storage and Offloading (FPSO) unit that will be connected to a subsea production network.
The FPSO is all-electric, and associated gas will be fully reinjected into the reservoirs. The company expects to start production in 2028, with a plateau of 70,000 barrels of oil daily.
Also, TotalEnergies and Sonangol EP signed a Memorandum of Understanding (MoU) to share expertise on Research & Technology, notably in decarbonizing the Oil & Gas industry, to focus on reducing methane emissions and renewable energies.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said, "Building on our pioneering spirit and our long-term partnership with Angola, we are pleased to launch the Kaminho project along with our strategic partners, Sonangol and Petronas, and the strong support and confidence of the Angolan authorities."
"This project, which leverages innovation to fit with our investment criteria – breakeven under 30 $/b and carbon intensity of 16 kg CO2e/boe – will become our seventh FPSO in the country and the first-ever development in the Kwanza basin."
Also Read: TotalEnergies' Strategy: CEO Reportedly Affirms France Listing While Eyeing US Markets
Earlier this month, TotalEnergies and China Petroleum and Chemical Corporation (SINOPEC) partnered to develop 230,000 tons/year sustainable aviation fuel unit in China refinery.
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Price Action: TTE shares are down 0.87% at $71.81 at the last check Tuesday.