TotalEnergies and BlackRock Sign $1.8B Deal for African Oil and Gas Assets
TotalEnergies and BlackRock’s Global Infrastructure Partners (GIP) have signed a partnership agreement under which GIP will invest $1.8 billion in capital contribution toward some of the French supermajor’s oil and gas infrastructure assets in Africa. In exchange for the $1.8 billion capital contribution, TotalEnergies will pay GIP a tariff over a period of up to 15 years, based on the assets’…
French energy giant TotalEnergies and investment firm BlackRock's Global Infrastructure Partners GIP have entered into a $1.8 billion partnership. The agreement sees GIP contribute $1.8 billion in capital toward some of TotalEnergies' oil and gas infrastructure assets in Africa. In return, TotalEnergies will pay GIP a tariff over a 15-year period based on the assets' throughput.
The specifics of which assets will be included in the partnership have not been disclosed. TotalEnergies' CFO, Jean-Pierre Sbraire, expressed satisfaction with the strengthened relationship forged through the agreement, highlighting the value of their midstream infrastructure assets in Africa. The French company has been increasing its presence in Africa's oil and gas sector, with recent investments in Angola, Namibia, and Uganda.
TotalEnergies recently announced a new offshore oil discovery in Angola and acquired operating interests in two new exploration blocks near existing hubs. The company is capitalizing on the return of international majors to exploration in Angola's waters, taking advantage of the existing infrastructure.
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