TotalEnergies and BlackRock Sign $1.8B Deal for African Oil and Gas Assets
The deal will give TotalEnergies $1.8 billion in capital while it keeps using the assets under a tariff arrangement for up to 15 years.
- On September 18, French energy major TotalEnergies agreed to a $1.8 billion capital contribution from Global Infrastructure Partners covering its African oil and gas infrastructure assets.
- The transaction aligns with TotalEnergies' portfolio-recycling strategy to improve liquidity, mirroring a 2021 agreement for the Gladstone LNG project in Australia where GIP provided more than $750mn.
- Instead of funding new projects, this deal monetizes existing infrastructure assets, with TotalEnergies paying GIP a throughput-based tariff over a period of up to 15 years.
- XTB analyst Mat Mouflet noted the structure improves financial flexibility for share buybacks, while TotalEnergies Chief Financial Officer Jean-Pierre Sbraire said it "crystallizes the value" of midstream assets.
- Across the continent, TotalEnergies maintains a substantial African footprint, including the recently inaugurated Hydra project in South Africa and the East Africa Crude Oil Pipeline , plus $10 billion in planned Angola investments.
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16 Articles
The French energy giant TotalEnergies announced today an agreement with the world's largest asset manager, BlackRock, which allows it to receive 1.8 billion dollars [1.5 billion euros] for projects in Africa.
French oil giant strikes $1.8 billion deal with BlackRock’s GIP to unlock value from African oil and gas assets
TotalEnergies has entered into a partnership agreement with Global Infrastructure Partners (GIP), a part of BlackRock, covering the French energy giant’s interests in selected oil and gas infrastructure assets across Africa.
TotalEnergies has reported that a BlackRock fund will invest $1.8 billion in a portfolio of its oil and gas infrastructure assets in Africa. Exclusive material for subscribers. To have full access, access the link of the material and register.
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’ throughput, the French energy giant said on Friday. …
TotalEnergies agrees $1.8bn GIP partnership tied to African infrastructure assets
TotalEnergies agreed the partnership with BlackRock’s Global Infrastructure Partners covering interests in African oil and gas infrastructure, with payments linked to throughput for up to 15 years.
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