TotalEnergies (TTE) Expands Nigerian Presence With New Offshore Licenses

TotalEnergies SE (NYSE:TTE) ranks among the best-performing European stocks to invest in. On September 2, TotalEnergies SE (NYSE:TTE) and South Atlantic Petroleum signed a Production Sharing Contract for two offshore exploration licenses in Nigeria. The licenses, which encompass roughly 2,000 square kilometers in the West Delta basin, were given out as part of Nigeria’s 2024 Exploration Round and were administered through the Nigerian Upstream Petroleum Regulatory Commission.

Nigeria has been a part of TotalEnergies’ hydrocarbon output for over 60 years, with the country contributing roughly 209,000 barrels of oil equivalent per day in 2024.

According to TotalEnergies SE (NYSE:TTE), the recently purchased blocks have “promising” “drill-ready and high impact prospects” in its primary areas of competence. The company will own and operate 80% of the blocks, while South Atlantic Petroleum will hold the remaining 20%.

A global integrated energy company, TotalEnergies SE (NYSE:TTE) generates electricity, renewable energy, oil, biofuels, and natural gas and green gases.

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Disclosure: None. This article is originally published at Insider Monkey.