Key facts
- TotalEnergies' Acacia-5 discovery in Block 17, Angola, will achieve first oil in three months.
- The Acacia-5 development will use the Pazflor FPSO, increasing Block 17 production by 6,000 bpd.
- TotalEnergies will acquire a 40% operated interest in exploration Blocks 17/25 and 32/21.
- Acacia-5 is TotalEnergies' second exploration success in Angola this year.
- Chevron also announced a new oil and gas condensate discovery in Block 0.
- ExxonMobil recently announced a discovery on Block 15.
TotalEnergies has announced a new oil discovery offshore Angola, with plans to bring it online within three months using existing infrastructure. The Acacia-5 discovery in Block 17 is expected to yield 6,000 barrels per day and will be developed rapidly via the nearby Pazflor Floating Production, Storage and Offloading (FPSO) unit.
This marks TotalEnergies' second exploration success in Angola this year, following a discovery in Block 0 where the company holds a 10% interest alongside operator Chevron. Chevron itself recently announced an oil and gas condensate find in Block 0, which could be integrated into existing production facilities.
In addition to the Acacia-5 discovery, TotalEnergies has entered into agreements with the Angolan National Oil, Gas and Biofuels Agency (ANPG) to acquire a 40% operated interest in exploration Blocks 17/25 and 32/21, located in the Lower Congo Basin.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, stated that exploration is a key part of the company's ambition in Angola, supported by recent investment incentives. He added that the company aims to explore further and unlock new resources across Angola's offshore basins.
TotalEnergies is among several major oil companies increasing their exploration activities offshore Angola. Earlier this week, ExxonMobil also reported a discovery on Block 15. The renewed exploration efforts by supermajors are seen as positive for Angola, which aims to boost its oil production after leaving OPEC in early 2024.