TotalEnergies Trades Mature Assets for Growth In Low-Emission Congolese Oil Field

Zinger Key Points
  • TotalEnergies increases stake in Moho license while divesting interests in Nkossa and Nsoko II fields.
  • Construction begins on New York's largest onsite solar project at JFK Airport, showcasing renewable energy commitment.

TotalEnergies SE TTE disclosed that its affiliate, TotalEnergies EP Congo, inked a deal with Trident Energy for a combination of purchase and sale transactions in the Republic of Congo.

In particular, the oil giant will acquire an additional 10% stake in the Moho license from Trident Energy and sell its 53.5% interest in the Nkossa and Nsoko II licenses to the company.

Also ReadTotalEnergies Revitalizes Danish North Sea Operations: Tyra Hub Production Restarted

Moho is a deep offshore field located 80 kilometers off the coast of Pointe Noire. Meanwhile, Nkossa and Nsoko II are two offshore fields situated 70 kilometers off the coast, which are matured oil fields currently producing a combined 15 kboe/d (100%). 

The deal completion is subject to particular regulatory approvals and the closure of Trident Energy’s acquisition of Chevron Congo.

Post closure, TotalEnergies EP Congo will hold a 63.5% operated interest in the Moho license alongside Trident Energy (21.5%) and the 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 stake and operatorship in Moho field, and is preparing for the drilling of an exploration well on the Marine XX license before summer 2024.”

Yesterday, Total Energies reported that they had begun construction of New York State’s largest onsite solar generating and storage system at John F. Kennedy (JFK) International Airport in collaboration with the Port Authority of New York and New Jersey (PANYNJ) and the New York Power Authority (NYPA).

Last week, TotalEnergies announced a strategic partnership with OK Petroleum, a distributor in Long Island, NY.

Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF EIPX and Keating Active ETF KEAT.

Also ReadDouble Play in Asia: TotalEnergies Expands Gas Portfolio in Malaysia and Oman

Price Action: TTE shares are up 0.05% at $73.01 premarket at the last check Wednesday.

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