This regional shift centers on Angola's offshore production base. TotalEnergies and its partners plan to invest $10 billion in the country's oil sector over the next five years, with spending directed to existing developments and exploration.
Chief Executive Patrick Pouyanné said TotalEnergies produces about 450,000 barrels a day in Angola, more than 40 percent of national output. Angola is trying to hold production near one million barrels a day after years of decline from mature offshore fields.
The Angolan government is preparing a study of oil sector legislation and regulation. It is also reviewing how it awards blocks, with the aim of shortening the time between negotiations and field activity.
TotalEnergies is due to extend its Block 32 license, where further discoveries remain undeveloped. The company also announced a Block 17 discovery and agreements to enter new exploration blocks, while ExxonMobil reported a third discovery in offshore Block 15. The investment plan points to sustained demand for subsea work, vessel coordination and asset planning across a broad offshore portfolio.