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TotalEnergies Drills Deeper into Africa, Secures Stake In Promising São Tomé Block

Lekha Gupta
·1-min read
TotalEnergies Drills Deeper into Africa, Secures Stake In Promising São Tomé Block
TotalEnergies Drills Deeper into Africa, Secures Stake In Promising São Tomé Block

TotalEnergies SE (NYSE:TTE) shares are trading lower on Wednesday.

The company inked an agreement to acquire a 60% stake and operational control of Block STP02 from the Agência Nacional do Petroléo de S. Tomé e Principé (ANP-STP).

Meanwhile, Sonangol (30%) and ANP-STP (10%) will retain their respective interests in Block STP02.

Block STP02 spans 4,969 km and is situated in a developing basin approximately 60 km off the coast of Principe.

The asset is near Block STP01, where TotalEnergies holds a 55% stake, partnering with Sonangol (30%) and ANP-STP (15%).

Read: TotalEnergies Lights Up Nigeria's Future With Ubeta Gas Field FID

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Kevin McLachlan, Senior Vice-President Exploration of TotalEnergies, stated, "Following the encouraging prospectivity interpreted on the 3D seismic data on adjacent Block STP01, TotalEnergies continues to progress its exploration effort in Sao Tome and Principe, by entering this promising license, thereby maintaining the optionality of the Company's portfolio"

Last week, TotalEnergies announced that it had won the maritime concession N-11.2 from the German Federal Network Agency.

Investors can gain exposure to TTE via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX) and Keating Active ETF (NASDAQ:KEAT).

Price Action: TTE shares are down 2.10% at $66.22 at the last check on Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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