EU and US could reach trade deal this weekend - Reuters
PARIS - TotalEnergies (NYSE:TTE) has commenced production from the BEGONIA and CLOV Phase 3 projects offshore Angola, adding a combined 60,000 barrels of oil per day to its production capacity, according to a press release statement.
The two subsea tie-back projects leverage existing floating production, storage and offloading units (FPSOs) to deliver additional production with what the company describes as low marginal costs and carbon intensities.
BEGONIA, operated by TotalEnergies with a 30% stake, is the first inter-block development in Angola, producing 30,000 barrels per day through five wells connected to the PAZFLOR FPSO. Located 150 kilometers off the Angolan coast, the project was developed in partnership with Sonangol E&P (30%), SSI (27.5%), ETU Energias (7.5%), and Falcon Oil (5%).
Simultaneously, CLOV Phase 3 has started production on Block 17, where TotalEnergies holds a 38% operating interest. This development adds another 30,000 barrels per day through four wells tied back to the CLOV FPSO, situated 140 kilometers from the Angolan coast. Partners in this block include Equinor (22.16%), ExxonMobil (19%), Azule Energy (15.84%), and Sonangol E&P (5%).
Nicolas Terraz, President of Exploration & Production at TotalEnergies, stated that these developments contribute to the company’s plan to grow upstream production by more than 3% in 2025.
Paulino Jerónimo, Chairman of Angola’s National Agency for Petroleum, Gas and Biofuels, noted that these projects will help Angola maintain production levels above 1 million barrels per day, highlighting that BEGONIA is the first project between blocks in Angola with significant local content.
TotalEnergies has maintained a presence in Angola since 1953 and currently employs approximately 1,500 people across various business segments in the country.
In other recent news, TotalEnergies has reported several significant developments. The company has completed the acquisition of a 50% stake in AES Dominicana Renewables Energy’s portfolio in the Dominican Republic, expanding its renewable energy capacity in the Caribbean to over 1.5 GW. Additionally, TotalEnergies has sold a 50% stake in its Portuguese renewable energy portfolio for €178.5 million to a consortium of Japanese investors, including MM Capital Partners 2, Daiwa Energy & Infrastructure, and Mizuho Leasing.
In the U.S., TotalEnergies has joined PJM Interconnection, allowing its trading arm to engage in transactions across North America’s largest electricity market. Offshore, the company’s workers have accepted a new pay deal, which includes a 2.25% increase in basic pay and a 5% increase in offshore allowance. Furthermore, TotalEnergies has been awarded a 1 GW offshore wind concession in the German North Sea, through its shareholding in North Sea OFW One GmbH. These developments underscore TotalEnergies’ ongoing expansion and strategic adjustments in various energy markets.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.