TotalEnergies Sells Nigerian Oil Assets for $860M: Focus Shifts to Gas
Portfolio Pulse from Lekha Gupta
TotalEnergies SE (NYSE:TTE) is selling its 10% interest in the SPDC JV licenses in Nigeria for $860 million to Chappal Energies. The sale includes 15 oil-producing licenses and three gas-producing licenses. TotalEnergies expects its hydrocarbon production to reach 2.45 Mboe/d in Q2. The company also formed a joint venture with SSE Plc (OTC:SSEZY) to establish an EV charging network in the U.K. and Ireland. TTE shares are up 0.76% to $68.84.
July 17, 2024 | 3:57 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 (EIPX). The ETF is likely to benefit from TotalEnergies' strategic moves.
The First Trust ETF (EIPX) includes TotalEnergies, which is making strategic moves such as selling Nigerian oil assets and forming an EV charging JV. These developments are likely to benefit the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 30
POSITIVE IMPACT
Investors can gain exposure to TotalEnergies through the Keating Active ETF (KEAT). The ETF is likely to benefit from TotalEnergies' strategic moves.
The Keating Active ETF (KEAT) includes TotalEnergies, which is making strategic moves such as selling Nigerian oil assets and forming an EV charging JV. These developments are likely to benefit the ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 30
POSITIVE IMPACT
SSE Plc has formed a joint venture with TotalEnergies to establish a major EV charging network in the U.K. and Ireland. This partnership aligns with the growing demand for EV infrastructure.
The joint venture with TotalEnergies to establish an EV charging network is a strategic move for SSE Plc, aligning with the increasing demand for EV infrastructure. This partnership is likely to positively impact SSEZY's stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
TotalEnergies SE is selling its 10% interest in the SPDC JV licenses in Nigeria for $860 million, shifting focus to gas. The company expects its hydrocarbon production to reach 2.45 Mboe/d in Q2 and has formed a joint venture with SSE Plc for an EV charging network.
The sale of Nigerian oil assets for $860 million is a significant move, indicating a strategic shift towards gas. The expected increase in hydrocarbon production and the new EV charging JV with SSE Plc are positive developments likely to boost investor confidence.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100