TotalEnergies ‘Working on’ Another Acquisition, Suriname FID- CEO

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Editor's note: The headline for this article previously mischaracterized comments by CEO Patrick Pouyanné on the location of a potential acquisition.

Paris-based TotalEnergies, which bought a 20% interest from Lewis Energy Group in the Dorado Field in the Eagle Ford Shale, is seeking to acquire more interest in Texas.

“We are working on another deal,” TotalEnergies CEO Patrick Pouyanné said responding to an analyst's question during the company’s quarterly webcast. “It's not a big one, but we are working on another one.”

The Lewis acquisition and future deals aim to boost TotalEnergies’ U.S. LNG portfolio, where export capacity is expected to reach 15 MMton annually by 2030 following the first phase of the Rio Grande LNG project in Texas.

Eyeing Suriname FID

TotalEnergies expects to take a final investment decision (FID) on its offshore Suriname Block 58 in the second half of 2024.

The Block 58 partners have achieved agreements on the field development plan, including securing the FPSO to be able to sanction the project in third-quarter 2024 or the beginning of fourth-quarter 2024, Pouyanné said.

“And as a reminder, this is an operated 200,000 bb/d development with more than 700 MMbbl of estimated recoverable oil,” Pouyanné said

The Block 58 project is the initial development that will tap into two main oil discoveries at Sapakara South and Krabdagu fields. Both discoveries, located in water depths between 100 m and 1,000 m, will be produced through a system of subsea wells connected to an FPSO located 150 km off Suriname’s coast.

TotalEnergies and APA Corp. each hold a 50% interest in Block 58, which is adjacent to Guyana’s prolific Stabroek Block.

Second quarter 2024 results

TotalEnergies reported adjusted net income of $4.7 billion in the second quarter 2024, down 6% compared to $5 billion in the second quarter 2023, mainly due to lower refining margins, the company announced in its second quarter financial statements.

The company also reported $7.8 billion of cash flow from operations excluding working capital in second-quarter 2024, down 8% compared to $8.5 billion in second-quarter 2023.

TotalEnergies’ upstream production was 2.44 MMboe/d in second-quarter 2024, benefiting from high availability of production facilities.

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TotalEnergies ‘Working on’ Another Acquisition, Suriname FID- CEO

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