TotalEnergies' $99M Investment Boosts Its Share In Namibian Oil Discovery Blocks
Portfolio Pulse from Nabaparna Bhattacharya
TotalEnergies SE (NYSE:TTE) has signed an agreement to acquire additional interests in two Namibian oil discovery blocks from Impact Oil and Gas Namibia. The deal involves a 10.5% interest in block 2913B and a 9.39% interest in block 2912, with TotalEnergies planning to share this with QatarEnergy. The transaction costs $99 million and will increase TotalEnergies' stakes to 45.25% in block 2913B and 42.5% in block 2912, while Impact retains a 9.5% interest in each. The deal is subject to approvals and is a strategic move towards the development of the Venus discovery.
January 10, 2024 | 11:58 am
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TotalEnergies SE increases its stake in Namibian oil blocks, which could enhance its resource base and future revenue potential. The deal is valued at $99 million and is expected to consolidate partnerships and secure financing for the development of the Venus discovery.
The acquisition of additional interests in the Namibian oil blocks is likely to be viewed positively by investors as it increases TotalEnergies' asset base and potential for future revenue, especially with the development of the Venus discovery. The slight premarket dip in TTE's stock price may be due to market fluctuations or unrelated factors, but the strategic nature of the investment suggests a positive outlook for the company's growth.
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