TotalEnergies and BlackRock, in collaboration with BlackRock's Global Infrastructure Partners (GIP), have signed an agreement under which GIP will invest $1.8 billion in TotalEnergies' oil and gas infrastructure assets in Africa. In exchange for this investment, TotalEnergies will pay a tariff based on the throughput of the assets for a maximum of 15 years.
Details of the Agreement and Its Benefits
TotalEnergies has not provided specific details about the oil and gas assets included in this agreement. Jean-Pierre Sbraire, TotalEnergies' Chief Financial Officer, stated: "We are pleased to strengthen our relationship with GIP through this infrastructure agreement, which highlights the value of some of our midstream infrastructure assets in Africa."
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Expansion of TotalEnergies' Activities in Africa
TotalEnergies has recently expanded its activities in the oil and gas sector in Africa, making investments in Angola, Namibia, and Uganda. The company announced earlier this month that it has made a new discovery off the coast of Angola and has also acquired an operational stake in two new exploration blocks near its operational centers. The Acacia-5 discovery in Block 17 is expected to begin oil production just three months after its discovery in June 2026.
TotalEnergies is also expanding its exploration portfolio off the coast of Namibia with land in the north of the block where a major oil discovery has been made. Last year, the company signed an agreement with Galp, under which it gained operational responsibility for two major oil discoveries in Namibia, Mapane and Venus, through a strategic asset swap.
In Uganda, TotalEnergies and the Chinese company CNOOC are developing the Tilenga and Kingfisher oil fields, which will make the country the latest crude oil exporter in the world by early 2027, aided by the $5 billion East African Crude Oil Pipeline (EACOP), which will transport oil from Uganda to the port of Tanga in Tanzania.
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