TotalEnergies Decides To Invest $850 Mn In Angolan Project

TotalEnergies Decides To Invest $850 Mn In Angolan Project
The ANPG, TotalEnergies, and their partners have made a final investment decision of $850 million for the launch of the CLOV Phase 3 development.

Angola’s National Oil, Gas, and Biofuels Agency (ANPG), TotalEnergies, and their partners have made a final investment decision of $850 million for the launch of the CLOV Phase 3 development.

The project is in the deep offshore of Block 17, some 150 kilometers off the Angolan coast. This is an extension of the subsea production network and its interconnection to the CLOV FPSO to develop additional production from existing fields, which can reach a peak of 30,000 barrels per day.

This development is the first to benefit from the standardization of subsea equipment in Block 17, through innovative engineering and contractual structures, which represent a significant cost reduction, and which benefit the portfolio of short-cycle development projects in the different fields.

The Chairman of the Board of Directors of ANPG Paulino Jerónimo claimed that the final investment decision for CLOV Phase 3 would contribute to Angola maintaining its national production levels, as well as to the optimization of existing facilities and resources.

“It is another achievement, the result of the intense and continued work between the National Concessionaire and the partners in the sector. The investment by TotalEnergies and its partners in the development of national oil resources is not only important but welcome since the oil sector continues to be of extreme importance to the economy of Angola and all its citizens,” Jerónimo added.

“This development will maximize the use of the existing CLOV infrastructure, allowing us to produce oil at lower costs and with fewer carbon emissions into the atmosphere, in line with TotalEnergies' strategy," Oliver Jouny, General Director of TotalEnergies Angola.

According to ANPG, this project opens a new cycle in Block 17, in which the standardization of subsea equipment for future developments will bring a cost reduction of around 20 percent, which may generate opportunities to maintain production in other FPSOs.

“TotalEnergies demonstrates, in this emblematic block, its leadership in deep offshore and is evaluating the replication of this innovative strategy in its portfolio of development opportunities in both existing and new facilities,” Jerónimo concluded.

It is recalled that the CLOV Phase 3 development project comprises the extension of the subsea infrastructure and five new wells in water depths between 3,600 and 4,600 feet, with a start of production planned for 2024. It involves 2 million hours of work with 1.5 million of it set to be carried out in Angola, mainly in Lobito and Luanda.

It is worth noting that TotalEnergies operates Block 17 with a 38 percent stake while Equinor, Exxon, BP, and Sonangol are the partners in the field with 22.16, 19, 15.84, and 5 percent stakes, respectively. Also, Block 17 has four FPSOs in operation – Girassol, Dália, Pazflor, and CLOV.

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