TTE - TotalEnergies partners commit $850M to new Angola project

TotalEnergies (NYSE:TTE) and its partners said they made a final investment decision on an $850M project offshore Angola as part of plans to phase 3 development of the CLOV complex located in Block 17. The company said phase 3 is an extension of the subsea production network and its interconnection to the CLOV FPSO to develop additional production from existing fields, which can reach a peak of 30K bbl/day. TotalEnergies (TTE) operates Block 17 with a 38% stake; its partners include Equinor (EQNR), Exxon (XOM), BP (BP) and Sonangol. The company also announced it signed a partnership deal with Qatar for the nearly $30B North Field East liquefied natural gas expansion project. TotalEnergies (TTE) is striving to transition to become an LNG and power dominated company while remaining focused on shareholder returns, Ellsworth Research writes in a bullish analysis posted recently on Seeking Alpha.

For further details see:

TotalEnergies, partners commit $850M to new Angola project