French oil company Total has invested 2.5 billion U.S. dollars in three new offshore projects aimed at increasing Angola’s oil production, the company said here on Thursday.
The projects were intended to promote oil production levels of the country to over 100,000 barrels of oil per day, said Olivier Jouny, general manager of Total in Angola, at the end of a meeting with Angola’s National Assembly’s Commission on Economy and Finance.
The company also plans to relaunch next year oil exploration in ultra-deep waters of Block 48 and in the development areas of Block 17, both of which are oil fields mainly operated by Total in offshore Angola.
Total, whose output accounts for 45 percent of Angola’s oil production, will also focus on developing solar power in the southern region of the country, Jouny said.
The oil company is currently developing a solar project in areas not connected to the country’s electricity grid, in partnership with Angola’s Ministry of Energy and Water, Jouny said.
“We have identified a few available areas and we hope to get the deal done quickly,” Jouny said.
The oil sector accounts for one-third of Angola’s gross domestic product and more than 90 percent of exports, but the country is still suffering from the effects of lower oil production levels, according to the World Bank.