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TotalEnergies has started fresh talks with contractors to supply a floating production, storage and offloading vessel in Angola for its delayed $6 billion Cameia-Golfinho project, where it has just spudded an exploration well to try to boost reserves. The Grenadier-1 probe in Block 20/11 was spudded in mid-July and any discovery there would likely be tied back to the planned FPSO.
TotalEnergies’ Angolan pact paves the way for $6 billion offshore project. The French supermajor in 2021 launched a preliminary front end engineering and design (pre-FEED) competition for a 100,000 barrels per day FPSO, then aiming to take the final investment decision the following year.However, a number of factors including the Covid pandemic, supply chain costs, contractor financing constraints and production sharing contract negotiations with Luanda conspired to delay the project.
The offshore development is now expected to be sanctioned this year and is scheduled to come on stream in 2026.
Participants in the original paid pre-FEED contest were Technip Energies of France working with Malaysia’s Yinson; Italy's Saipem working with MISC of Malaysia; and Kuala Lumpur-based Bumi Armada. At the end of that design contest, Bumi Armada emerged as the preferred FPSO supplier, well-placed sources said, and subsequently the Malaysian player worked on the project's FEED phase, which would have evolved into a turnkey contract.
However, multiple sources have told Upstream in recent months that Bumi Armada has pulled out of further contract talks for reasons that are unclear.
TotalEnergies is now sourcing a replacement supplier for what is said to be a 70,000-bpd FPSO, with the name of Saipem — which participated in the original design contest — cropping up a lot on the market grapevine, alongside some Asian names; while Modec and BW Offshore might also consider throwing their hat into the ring, Upstream understands.
According to sources close to the project, the floater will not be chartered, but will instead be provided on an engineering procurement, construction and installation basis, with TotalEnergies set to own the vessel outright.
