TotalEnergies Extends Angola Offshore Investment to 2043
TotalEnergies has committed to a longer-term presence in Angola, agreeing to continue developing Block 32 one of the country’s largest ultra-deepwater oil assets through 2043. The extension adds another 17 years of production and investment. The agreement was formalised in Luanda on May 6 with the National Agency for Oil, Gas and Biofuels and covers
TotalEnergies Extends Angola Offshore Investment to 2043
TotalEnergies has committed to a longer-term presence in Angola, agreeing to continue developing Block 32 one of the country’s largest ultra-deepwater oil assets through 2043. The extension adds another 17 years of production and investment.
The agreement was formalised in Luanda on May 6 with the National Agency for Oil, Gas and Biofuels and covers six development areas in the Lower Congo Basin: Cominhos, Alho, Cola, Manjericão, Colorau and Kaombo, located in water depths between 1,500 and 3,000 metres. Negotiations ran throughout 2025, with the deal expected to sustain investment, improve operating clarity and support additional output from existing fields.
Extending the Life of a Producing Asset
Block 32 has been in production since 2018 and spans about 5,340 square kilometres, including the Kaombo offshore project, a key part of Angola’s deepwater output. Estimated reserves stand at 658 million barrels, with installed production capacity of around 230,000 barrels per day. About 40% of these reserves remain recoverable, depending on continued investment.
Ahead of the extension, TotalEnergies moved to better define the block’s remaining potential. In October 2024, the company contracted Shearwater Geoservices to carry out a seismic survey across the Louro and Mostarda fields, aimed at refining resource estimates and guiding future drilling plans.
Fiscal Terms and Future Potential
As part of the agreement, both sides will assess Angola’s incremental production regime, introduced in late 2024 to encourage further investment in producing offshore assets. The framework lowers royalty rates, limits the state’s share of profits and gives operators more room to recover costs, making additional investment more viable.
The framework has already delivered early results. In 2024, ExxonMobil announced a new discovery in Block 15 the first made under the revised terms. The outcome suggests Angola’s mature offshore fields may still hold commercially viable reserves under improved conditions.
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