STOCKS | TotalEnergies Finds New Oil in Angola, Enters Two Offshore Exploration Blocks

TotalEnergies announced an oil discovery at Acacia-5 in Angola's offshore Block 17 and said production could add about 6,000 barrels per day to the block. According to Sina Finance, the company also signed an agreement with Angola's National Oil, Gas and Biofuels Agency to acquire 40% operating interests in each of Blocks 17/25 and 32/21. Acacia-5 was discovered in June 2026 and is planned to start production three months after the discovery. TotalEnergies said it plans to use spare processing capacity at the Pazflor floating production, storage and offloading unit to bring output online through a fast tieback. TotalEnergies holds a 38% stake in Block 17 and is the operator. Its partners include Equinor, ExxonMobil, Azule Energy, and Sonangol. Equinor holds 22.16%, ExxonMobil 19%, Azule Energy 15.84%, and Sonangol 5%. The company said this was its second exploration success in Angola in 2026. Earlier, Chevron-operated Block 0 made a new oil and gas discovery, and TotalEnergies holds a 10% interest in that block. The two new blocks are in the Lower Congo Basin and are covered by extensive 3D seismic data. They are also near TotalEnergies-operated Blocks 17 and 32. TotalEnergies holds 40% in each of the two blocks, ExxonMobil also holds 40%, and Sonangol holds 20%. The company said the adjacent blocks currently have six floating production, storage and offloading units in production. If commercial resources are found, they could be tied back to existing facilities to shorten development time and reduce new infrastructure spending. TotalEnergies also signed a framework agreement in February with Angola's regulators and ExxonMobil to seek 35% interests in each of Blocks 40, 41, 42, and 58 in the Benguela Basin.