Oil Giant Dives Deep in Angola: TotalEnergies Greenlights Kaminho FPSO Unit
Portfolio Pulse from Lekha Gupta
TotalEnergies SE (NYSE:TTE) has approved the Final Investment Decision (FID) for the Kaminho deepwater project in Angola, in collaboration with Petronas and Sonangol. The project involves converting a Very Large Crude Carrier (VLCC) to a Floating Production Storage and Offloading (FPSO) unit, with production expected to start in 2028. TotalEnergies also signed an MoU with Sonangol to focus on decarbonizing the oil and gas industry. Investors can gain exposure to TotalEnergies through ETFs such as First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and Keating Active ETF (NASDAQ:KEAT).
May 21, 2024 | 5:24 pm
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POSITIVE IMPACT
Investors can gain exposure to TotalEnergies through the First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX).
The news highlights TotalEnergies' significant project, which could positively impact ETFs holding the stock, such as EIPX.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Investors can gain exposure to TotalEnergies through the Keating Active ETF (NASDAQ:KEAT).
The news highlights TotalEnergies' significant project, which could positively impact ETFs holding the stock, such as KEAT.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
TotalEnergies SE has approved the FID for the Kaminho deepwater project in Angola, with production expected to start in 2028. The project involves converting a VLCC to an FPSO unit and aims to produce 70,000 barrels of oil daily.
The approval of the FID for the Kaminho project is a significant development for TotalEnergies, indicating future production growth and potential revenue increase. The collaboration with Sonangol and Petronas also strengthens its strategic partnerships.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100