TotalEnergies moves in on offshore block in São Tomé and Príncipe

France’s energy giant TotalEnergies has set the ball rolling to take charge of an offshore exploration license off the coast of São Tomé and Príncipe, buoyed by the significant hydrocarbon discovery potential, which seismic data indicated at its adjacent operated block.

The French player has signed an agreement with the Agência Nacional do Petroléo de S. Tomé e Principé (ANP-STP) to get a hold of a 60% stake and operatorship in Block STP02 offshore Sao Tome and Principe. As a result, the remaining interests will be held by the existing license holders, Sonangol (30%) and ANP-STP (10%). This acquisition is subject to final approvals from relevant authorities.

Kevin McLachlan, Senior Vice-President Exploration of TotalEnergies, commented: “Following the encouraging prospectivity interpreted on the 3D seismic data on adjacent Block STP01, TotalEnergies continues to progress its exploration effort in Sao Tome and Principe, by entering this promising license, thereby maintaining the optionality of the company’s portfolio.”

Located within an emerging basin, 60 km off the coast of Principe, Block STP02 covers an area of 4,969 km² and is adjacent to the Block STP01 license operated by TotalEnergies (55%) alongside Sonangol (30%) and ANP-STP (15%).

Another oil and gas giant, Brazil’s Petrobras, recently acquired stakes in the three exploration blocks in São Tomé and Príncipe. This allows the Brazilian behemoth to re-open its African chapter, following years of absence after it exited Nigeria due to the sale of its interests in three offshore fields.

TotalEnergies has been a busy bee lately. The firm embarked on drilling activities in the North Sea a few days ago, which followed a final investment decision (FID) for a liquefied natural gas (LNG) project in Oman, envisioned to be powered by solar energy and serve as the first LNG bunkering hub in the Middle East.