Barely 24 hours after announcing plans to invest $10 billion with its partners in Angola over the next five years, TotalEnergies has announced a new oil discovery in the country and signed agreements to acquire a 40 percent operated interest in two additional exploration blocks.

The Acacia-5 discovery is expected to add about 6,000 barrels per day to production from the French energy company’s Block 17, TotalEnergies said in a statement. The company plans to fast-track the development, with first oil expected within three months of the discovery, which was made in June 2026.

TotalEnergies expands Angola offshore oil portfolio

TotalEnergies also signed agreements with Angola’s petroleum activities regulator, Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG) to enter exploration Blocks 17/25 and 32/21 in the Lower Congo Basin. It will hold a 40 percent operated interest in both blocks.

The agreements come as TotalEnergies looks to maintain its position as Angola’s largest oil producer. The company currently produces about 450,000 barrels of crude a day in the country and said Wednesday, Sept. 9, that it plans to invest $10 billion with its partners over the next five years to support oil production and exploration.

The investment is aimed at helping sustain output as Angola’s mature offshore fields decline. TotalEnergies Chief Executive Patrick Pouyanné said the company intends to maintain production at about its current level during an oil conference in Luanda.

Angola targets higher oil production

Angola, sub-Saharan Africa’s second-largest crude oil producer after Nigeria, is targeting production of about 1 million barrels per day as it seeks to attract new investment into its oil industry. The country has introduced regulatory changes aimed at encouraging more exploration and development.

TotalEnergies is also advancing the $6 billion Kaminho project, located about 100 kilometers offshore Angola in the Kwanza Basin. The company took a final investment decision on the project in 2024, with production expected to start in 2028.

Kaminho will be connected to TotalEnergies’ seventh floating production, storage and offloading vessel. Pouyanné said continued spending on exploration and production would be needed as Angola’s offshore fields mature. “Investments are necessary to achieve these production levels,” Pouyanné told delegates at the conference.