French energy company TotalEnergies plans to invest about $10 billion with its partners in Angola over the next five years as it works to sustain oil production in the country.

The company’s Chief Executive Officer, Patrick Pouyanne, disclosed this at an oil conference in Luanda, saying the investment would support several projects aimed at maintaining production levels.

TotalEnergies currently produces about 450,000 barrels of crude oil per day in Angola and intends to keep output around that level. Angola, Africa’s second-largest oil producer after Nigeria, is targeting production of about one million barrels per day.

Pouyanne said continued investment would be necessary to maintain the country’s production as some of its offshore oil fields mature.

One of the major projects is the $6 billion Kaminho development, located about 100 kilometres off Angola’s coast in the Kwanza Basin. The project, which received final investment approval in 2024, is expected to begin production in 2028.

TotalEnergies also announced new exploration activities after securing two offshore licences covering Blocks 17 and 32 in partnership with Exxon Mobil.

The company plans to use artificial intelligence and geoscience technology to support exploration and identify new oil discoveries in Angola’s offshore basins.

Pouyanne said TotalEnergies believes the country still has significant exploration potential, particularly in areas such as Blocks 17 and 0.

The investment comes as Angola continues to introduce regulatory changes designed to attract fresh investment into its oil sector and prevent further declines in crude production.