TotalEnergies SE TTE revealed that its affiliate, TotalEnergies EP Congo, has signed an agreement with Trident Energy for a combination of buying and selling transactions in the Republic of Congo.
In particular, the oil giant will purchase an additional 10% stake in the Moho license from Trident Energy and will sell its 53.5% stake in the Nkossa and Nsoko II licenses to the company.
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Moho is a deep offshore field located 80 kilometers off the coast of Pointe Noire. Meanwhile, Nkossa and Nsoko II are two offshore fields located 70 kilometers offshore, which are mature oil fields currently producing a combined 15 thousand boe/d (100%).
Completion of the transaction is subject to particular regulatory approvals and the closing of Trident Energy’s acquisition of Chevron Congo.
Post-closing, TotalEnergies EP Congo will hold a 63.5% managed stake in the Moho license together with Trident Energy (21.5%) and Société Nationale des Pétroles du Congo (SNPC, 15%).
Mike Sangster, Senior Vice President Africa, Exploration and Production at TotalEnergies, said: “With these transactions, TotalEnergies continues to dynamically manage its portfolio. In line with our strategy, we focus on low-cost, low-emission assets and leverage our deep offshore expertise.”
“As a long-term partner of the Republic of Congo, TotalEnergies remains fully committed to the country through our increased participation and operator role in the Moho field, and is preparing to drill an exploratory well on the Marine XX license before summer 2024”.
Yesterday, Total Energies reported that it has begun construction of New York State’s largest on-site solar generation and storage system at John F. Kennedy International Airport (JFK) in partnership with the Port Authority of New York and New Jersey (PANYNJ) and the Port Authority of New York Energy Authority (NYPA).
Last week, TotalEnergies announced a strategic partnership with OK Petroleum, a distributor on Long Island, NY.
Investors can gain exposure to the stock via Primo Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF EIPX AND Active Keating ETF KEAT.
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Price action: At last check on Wednesday, TTE shares were up 0.05% at $73.01 pre-market.