French oil company Total will invest USD 2.5 billion in Angolan offshore block 17 by 2023, which will allow the Angolan subsidiary to add more than 100,000 barrels of crude to its daily production.
Block 17, located 140 kilometers off the Angolan coast in the Congo Basin, has a production of around 440,000 barrels per day and, in 2015, peaked at 700,000 barrels of oil per day.
Speaking today (Monday) to the press, after being received, in audience, by the President of the Republic, João Lourenço, the managing director of the Total Group, Patrick Pouyanné, said that the investment in the bloc aims to maintain its level over 400.000 barrels/day by 2023.
Patrick Pouyanné also spoke of the signing of an oil exploration extension contract, signed today, in Luanda, between the National Oil, Gas and Biofuels Agency (ANPG) and the companies Equinor, ExxonMobil, BP and Sonangol.
The document foresees the extension of the exploration license of block 17, until 2045.
Block 17 is operated by Total (40%) and has subsidiaries Equinor (23.33%), ExxonMobil (20%) and BP (16.67%).
Total Angola is one of the most important subsidiaries of the French group, the 5th largest energy producer in the world, installed on five continents, with operations in over 130 countries.
In Angola, the company started its activities between 1952 and 1953, when it received the first concession, in Angolan onshore and offshore – Kwanza Basin and Lower Congo Basin.