The Kaombo project, situated on Block 32 near the coast of Luanda begun production in July 2018.
The project under the management of oil and gas giant, TOTAL is believed to be the largest deep offshore development in Angola.
Angolan authorities with Total chairman, Patrick Pouyanne, and the chairman of Sonangol met this month to inaugurate the Kaombo project. At the ceremony, Total announced its commitment to extend its development program in Angola.
“As Angola’s principal oil partner, Total is proud to inaugurate such a major deep offshore project as Kaombo, which started up production in July and marked a new milestone of our history in the country,” said Patrick Pouyanné, Chairman and CEO of Total.
Total’s presence in Angola dates back to 1953, it has become the country’s leading oil operator. The french firm has a 30% stake in Block 32, and partners with Sonangol P&P (30%), Sonangol Sinopec International 32 (20%), Esso Exploration & Production Angola (Overseas) (15%) and Galp Energia Overseas Block 32 (5%).
Angola is Africa’s second largest oil exporter after Nigeria, the country’s oil production shrinked in 2014 due to the fall in oil prices. Which led the country’s exports to decline causing economic growth to come a halt whilst inflation rose sharply.
The $16 billion project is expected to transform the economy and, with more projects planned for 2019, Angola’s oil sector could reshape its future.