(Bloomberg) -- TotalEnergies SE and its partners approved a $6 billion deep-water oil project about 100 kilometers (62 miles) off the coast of Angola, reaffirming the French energy giant’s commitment to the African nation.

The Kaminho project involves converting a very large crude carrier into a floating production, storage and offloading vessel. It aims to start pumping oil from 2028 on the Cameia and Golfinho fields in Block 20/11, TotalEnergies said in a statement Tuesday. 

Kaminho, producing 70,000 barrels of oil per day at plateau, “will become our seventh FPSO in the country and the first-ever development in the Kwanza basin,” TotalEnergies Chief Executive Officer Patrick Pouyanne said.

Once Africa’s biggest oil producer, Angola’s output has collapsed over the past decade after a failure to invest sufficiently in aging fields. The country plans to auction more than 50 new oil exploration blocks until the end of 2025, according to Angola’s National Agency for Petroleum, Gas and Biofuels.

Kaminho will help the southern African nation stave off a further decline in production. Angola quit OPEC in December because its quota limits hindered plans to stabilize crude output above 1 million barrels a day, Mineral Resources Minister Diamantino Azevedo said in January.

TotalEnergies is the operator of the project with a 40% interest, while Malaysia’s Petroliam Nasional Bhd. and Angola’s Sonangol own 40% and 20% of the block, respectively. 

Italian engineering firm Saipem SpA was awarded $3.7 billion worth of contracts to provide the FPSO and subsea equipment for the project, as well as maintenance services, the Italian engineering firm said in a separate statement Tuesday.

--With assistance from Paul Burkhardt and Candido Mendes.

(Adds with plan to auction new oil blocks in the fourth paragraph)

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