TotalEnergies SE needs Mozambique’s approval for a $4.5 billion increase in cost to its liquefied natural gas project before restarting construction that’s been delayed since 2021 due to security issues.
The joint industry project (JIP), led by DeepOcean, introduces a patented heating solution that allows power cables to be installed after pipeline lay or integrated within reeled pipelines. This approach can reduce manufacturing and installation costs by up to 35% and cut carbon emissions by 30%, while improving operational efficiency and extending tieback distances.
Despite a drop in oil price of $10 per barrel year-on-year, the results and cash flow from business segments should be flat to 5% higher thanks to accretive hydrocarbon production growth and improved results of the downstream businesses, the French energy giant said in a trading update on Wednesday.
After the transaction, which is subject to customary conditions including regulatory approvals, the French energy giant will retain 45 percent as operator. Danish state-owned oil and gas producer Nordsofonden owns the remaining 20 percent.
According to Emmanuelle Garinet, VP of Exploration Africa at TotalEnergies, Africa’s frontier basins hold significant volumes. She pointed to Namibia as an example of how seismic and subsurface data can de-risk projects: “When we decided to drill the Venus well, it was frontier, but we had a probability of success of more than 50% because of the seismic data and direct hydrocarbon indicators.”
The Bifrost Project, which comprises two CO2 offshore storage licenses located approximately 200 kilometers west of the Danish coast, is part of TotalEnergies’ North Sea CCS portfolio.
TotalEnergies has agreed to divest its 39.89% non-operated interests in Norway’s West Ekofisk and Albuskjell fields to Vår Energi and its 20.23% stake in the Tommeliten Gamma field to Orlen Upstream Norway, the French energy giant announced on Wednesday.
TotalEnergies SE said it has won the rights to build and operate France’s biggest offshore wind farm, which will generate six terawatt hours a year, enough to power over one million French households.
TotalEnergies SE has agreed to sell a 50% stake in a 1.4-GW U.S. solar portfolio to KKR & Co., in a deal valuing the assets at $1.25 billion, including debt. The French major will receive about $950 million in cash at closing, with refinancing of the projects underway.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved TotalEnergies SE’s sale of its 12.5 percent stake in Oil Mining Lease (OML) 118, which includes the producing Bonga field, to Shell PLC and Eni SpA for $510 million.