TotalEnergies secures majority stake in offshore block in the coast of São Tomé and Príncipe

TotalEnergies has signed an agreement to acquire a 60% interest and operatorship in Block STP02, an offshore exploration block located off the coast of São Tomé and Príncipe. This acquisition is from the Agência Nacional do Petróleo de S. Tomé e Príncipe (ANP-STP). The transaction is pending final approvals from the relevant authorities.

The remaining 40% of the interest in Block STP02 will be retained by the current license holders, Sonangol (30%) and ANP-STP (10%).

Located in an emerging basin, 60 kilometers off the coast of Principe, Block STP02 spans an area of 4,969 square kilometers. This block is strategically positioned adjacent to Block STP01, which is also operated by TotalEnergies with a 55% stake, in partnership with Sonangol (30%) and ANP-STP (15%).

"Following the encouraging prospectivity interpreted on the 3D seismic data on adjacent Block STP01, TotalEnergies continues to progress its exploration effort in São Tomé and Príncipe by entering this promising license, thereby maintaining the optionality of the Company's portfolio," stated Kevin McLachlan, Senior Vice-President Exploration of TotalEnergies.

This move marks a significant step for TotalEnergies in enhancing its exploration portfolio within the region, building on its established presence and ongoing activities in Block STP01. The new acquisition underscores the company’s commitment to investing in high-potential offshore assets and advancing its exploration capabilities.

The addition of Block STP02 is anticipated to further bolster TotalEnergies' strategic position in the Gulf of Guinea, contributing to the company's long-term growth and resource development objectives. The finalisation of this transaction will pave the way for new exploration activities, aimed at unlocking the hydrocarbon potential of the region.