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TotalEnergies SE (NYSE:TTE) opened September with two significant exploration agreements, reinforcing its upstream portfolio across Africa.
On Tuesday, the French energy major announced it had signed a Production Sharing Contract (PSC) for Nigeria's offshore blocks PPL 2000 and PPL 2001.
TotalEnergies will operate the licenses with an 80% stake, while partner South Atlantic Petroleum holds the remaining 20%.
Also Read: TotalEnergies: Why I Expect Dividend Growth To Slow From Recent Years
The licenses, awarded under the Nigerian Upstream Petroleum Regulatory Commission's 2024 Exploration Round, span roughly 2,000 square kilometers in the West Delta basin. The work program includes drilling one exploration well.
"These promising block captures are fully aligned with our strategy of strengthening our Exploration portfolio with drill-ready and high-impact prospects that have the potential for low-cost and low-emissions developments from new discoveries in our core areas of expertise," said Kevin McLachlan, Senior Vice-President Exploration at TotalEnergies.
Nigeria is one of the main contributing countries to TotalEnergies' hydrocarbon production with 209,000 barrels of oil equivalent per day (boe/d) produced in 2024.
Separately, TotalEnergies disclosed on Monday that it secured the Nzombo exploration permit offshore the Republic of the Congo. The company will operate the block with a 50% interest, alongside QatarEnergy (35%) and SNPC (15%).
Covering 1,000 square kilometers, Nzombo lies about 100 kilometers off Pointe-Noire, near the Moho production facilities operated by TotalEnergies EP Congo. One exploration well is planned before the end of 2025.
Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and the 2023 ETF Series Trust II GMO International Value ETF (NYSE:GMOI).
Price Action: TTE shares are trading higher by 0.70% to $63.19 premarket at last check Tuesday.
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