TotalEnergies, in partnership with Petronas and Sonangol, has reached a final investment decision (FID) for the Kaminho deepwater project in Block 20 in the Kwanza basin offshore Angola.
The FID has been made in close collaboration with the concessionaire Agencia Nacional de Petroleo e Gas (ANPG).
Estimated to cost $6bn, the project aims to develop the Cameia and Golfinho fields, situated 100km off the Angolan coast, according to Bloomberg News.
The Kaminho project will involve the conversion of a very large crude carrier into a floating production storage and offloading (FPSO) unit.
Designed to minimise greenhouse gas emissions by being all-electric and eliminating routine flaring, the FPSO unit will be connected to a subsea production network.
Scheduled to commence production in 2028, the Kaminho project is expected to reach a production plateau of 70,000 barrels of oil per day.
TotalEnergies operates Block 20 with a 40% stake while Petronas Angola E&P, a subsidiary of Petronas, and Sonangol P&P own 40% and 20% interests, respectively.
TotalEnergies chairman and CEO Patrick Pouyanné said: “This project, which leverages innovation to fit with our investment criteria – breakeven under 30 $/b [dollars per barrel] and carbon intensity of 16kg CO₂e/boe [CO₂ equivalent per barrel of oil equivalent] – will become our seventh FPSO in the country and the first-ever development in the Kwanza basin.
“We look forward to joining forces with Sonangol in technology to promote innovation and low-carbon technologies for the energy industry in Angola, in particular to slash methane emissions and contribute to the diversification of Angola's energy mix.”
Furthermore, TotalEnergies has signed a memorandum of understanding with Sonangol EP to collaborate on research and technology, focusing on the decarbonisation of the oil and gas industry.
The partnership will concentrate on reducing methane emissions and advancing renewable energy technologies.
TotalEnergies will assist Sonangol EP in launching and operating its new Sumbe R&D centre.
The collaboration will enhance the skills of Sonangol's research and technology teams, with an emphasis on reservoir geology, process electrification and photovoltaics.
