TotalEnergies and BlackRock Sign $1.8B Deal for African Oil and Gas Assets
TotalEnergies and Global Infrastructure Partners (GIP), a BlackRock-backed unit, have agreed a partnership under which GIP will provide $1.8 billion in capital toward some of TotalEnergies' oil and gas midstream infrastructure assets in Africa. In return, TotalEnergies will pay GIP a throughput-based tariff for up to 15 years; the company did not identify which specific assets are included.
Why It Matters
The deal transfers near-term capital to TotalEnergies while monetizing midstream infrastructure exposure, and it comes as the French supermajor accelerates exploration and development across Angola, Namibia and Uganda. Such transactions can reshape financing and control dynamics for African oil and gas projects.
Key Facts
- Parties involved: TotalEnergies and Global Infrastructure Partners (GIP), part of BlackRock
- Investment amount: $1.8 billion
- Commercial terms: TotalEnergies will pay a tariff to GIP based on assets' throughput for up to 15 years
- Assets specified: TotalEnergies did not specify which African oil and gas infrastructure assets are included
- Recent TotalEnergies activity in Africa: Investments and exploration activity in Angola, Namibia and Uganda; Acacia-5 discovery in Block 17 (offshore Angola); involvement in Tilenga and Kingfisher fields and EACOP in Uganda
TotalEnergies has signed a partnership agreement with Global Infrastructure Partners (GIP), the infrastructure investment arm associated with BlackRock, under which GIP will contribute $1.8 billion of capital to some of the French company's oil and gas infrastructure assets in Africa. The arrangement calls for TotalEnergies to pay GIP a tariff tied to the throughput of the assets, with payments potentially running for as long as 15 years.
The French energy major did not disclose which specific midstream assets are included in the agreement. TotalEnergies characterized the deal as a way to crystallize the value of certain infrastructure holdings in Africa, with chief financial officer Jean-Pierre Sbraire saying the partnership strengthens the companies' relationship.
The transaction comes amid an expansion of TotalEnergies' footprint across Africa. The company has recently increased activity in Angola, where it reported a new offshore discovery named Acacia-5 in Block 17 and acquired operated interests in two exploration blocks near existing hubs. TotalEnergies has also expanded its acreage offshore Namibia and consolidated operatorship over large discoveries there through an asset swap with Galp.
In East Africa, TotalEnergies and China National Offshore Oil Corporation (CNOOC) are developing Uganda's Tilenga and Kingfisher fields and participating in the East African Crude Oil Pipeline (EACOP), a $5 billion project intended to carry Ugandan crude to the Tanzanian port of Tanga. The company said development work on those projects positions Uganda to begin crude exports in early 2027.
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