Key facts
- TotalEnergies and BlackRock's Global Infrastructure Partners (GIP) have signed a partnership agreement.
- GIP will invest $1.8 billion in capital toward TotalEnergies' African oil and gas infrastructure assets.
- TotalEnergies will pay GIP a tariff based on asset throughput for up to 15 years.
- Jean-Pierre Sbraire, chief financial officer of TotalEnergies, commented on the agreement.
- TotalEnergies has increased its business in Africa's oil and gas sector, with investments in Angola, Namibia, and Uganda.
- TotalEnergies announced a new discovery offshore Angola earlier this month.
TotalEnergies and BlackRock's Global Infrastructure Partners (GIP) have entered into a partnership agreement where GIP will invest $1.8 billion in capital toward some of the French energy giant's oil and gas infrastructure assets in Africa. In return for the capital contribution, TotalEnergies will pay GIP a tariff over a period of up to 15 years, based on the assets' throughput. The specific assets included in the partnership were not detailed by TotalEnergies. Jean-Pierre Sbraire, chief financial officer of TotalEnergies, stated that the agreement strengthens their relationship with GIP and crystallizes the value of their midstream infrastructure assets in Africa. TotalEnergies has been increasing its presence in Africa's oil and gas sector, with recent investments and discoveries in Angola, Namibia, and Uganda. In Angola, the company made a new offshore discovery and acquired interests in exploration blocks. In Namibia, TotalEnergies expanded its exploration portfolio and secured operatorship over significant offshore oil discoveries. In Uganda, TotalEnergies and CNOOC are developing oil fields expected to make the country a crude oil exporter by early 2027 via the East African Crude Oil Pipeline (EACOP).