French oil company TotalEnergies is to invest three billion dollars in renewable energy projects, namely solar parks, and oil exploration in Angola, Jornal de Angola reported on Wednesday.

The announcement was made by the Managing Director of the French multinational, Patrick Pouyanné, at the end of an audience with Angolan President João Lourenço on Tuesday.

"This year we have made available 3 billion dollars to be invested in specific oil projects in the Kwanza River Basin, such as the Begónia exploration project and other projects to expand Block 17," said Patrick Pouyanné, quoted by the Angolan daily.

Patrick Pouyanné also said that from 2024, Total Energies intends to create projects such as "Águas Profundas", "Cameia" and "Golfinho" for the Kwanza River Basin, where it intends to explore seven blocks.

TotalEnergies currently produces 550,000 barrels of oil per day, which represents almost 50 percent of Angola's oil production.

The CEO of TotalEnergies also discussed the possibility of the company supplying solar energy to the country's mining industry, with a view to reducing costs in the sector.

In June last year, TotalEnergies signed an agreement to create a solar park in Huíla province, which will generate 35 Megawatts for the national grid.

"In Angola we're not just focused on the oil and gas sector, as was traditional, but also on renewable energies," said Patrick Pouyanné, who admitted to adding another 8 Megawatts to the Huíla Solar Park, in a total investment of 100 million dollars. (Express)