Petronas in Angola

Petronas in Angola

Petronas, Malaysia's state-owned oil and gas company, holds a 40% working interest in the Kaminho project alongside operator TotalEnergies (40%) and Sonangol (20%). Petronas entered Angola in 2014 with the acquisition of a 10% stake in Block 40 from TotalEnergies, and significantly expanded its presence in 2023 by acquiring a 40% stake in Block 20 for $400 million.

Petronas President and Group CEO Tan Sri Tengku Muhammad Taufik described the Kaminho FID as "in line with Petronas' continued efforts to strengthen our international portfolio by participating in prospective regions in Africa with trusted partners." The Kaminho project represents Petronas' most significant deepwater commitment in West Africa and a strategic expansion of the company's presence beyond its traditional Southeast Asian and Middle Eastern operations.

Strategic Rationale

For Petronas, the Kaminho investment aligns with the company's strategic ambition to diversify its upstream portfolio into high-quality deepwater assets with strong partners. Angola's proven deepwater track record (the country has successfully operated multiple FPSOs for over two decades), combined with TotalEnergies' operational expertise as operator, reduced the entry risk. The pre-salt geology of the Kwanza Basin offers multi-project exploration upside beyond the initial Kaminho development.

Role in Kaminho Development

As a 40% non-operating partner, Petronas participates in all major technical and commercial decisions through the Joint Operating Committee. Petronas' Country Head for Angola, Omar Nizar Bin Abdullah, has spoken at the Angola Oil & Gas (AOG) conference about the company's strategic focus including development updates and the role of innovative technologies in boosting Angolan deepwater production. Petronas and its Kaminho partners commenced the FPSO conversion at CMHI in China in April 2025.

For the full project overview, contract architecture, and investment intelligence, see our dedicated pages.