TotalEnergies, Partners to Reportedly Invest $10 Billion in Angola Over 5 Years

MT Newswires Live19:09

TotalEnergies (TTE) and its partners plan to invest $10 billion in Angola over the next five years to increase oil output in the country, news outlets reported as early as Wednesday, citing remarks made by TotalEnergies Chief Executive Patrick Pouyanne at a conference.

Bloomberg further cited the CEO as saying the investments will be used for exploration and existing developments.

Pouyanne said TotalEnergies currently produces about 450,000 barrels of oil per day in Angola and that the country aims to maintain oil production of about 1 million barrels a day, according to the reports.

TotalEnergies did not immediately respond to MT Newswires' request for a comment.

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