TotalEnergies has entered into an agreement to acquire a 60 percent interest in Block STP02 offshore Sao Tome and Principe, becoming the operator. The remaining interests will be held by current license holders Sonangol (30%) and ANP-STP (10%). The transaction is pending final approvals from relevant authorities, as confirmed by TotalEnergies in a recent statement. Financial details of the deal were not disclosed.
Located approximately 37.3 miles (60 kilometers) off the coast of Principe, Block STP02 covers a total area of 1,918 square miles (4,969 square kilometers) within an emerging basin. This block is adjacent to Block STP01, where TotalEnergies holds a 55 percent stake, alongside Sonangol (30%) and ANP-STP (15%).
Kevin McLachlan, Senior Vice-President Exploration of TotalEnergies, highlighted the potential of Block STP02, citing promising findings from 3D seismic data in neighboring Block STP01.
This move underscores TotalEnergies’ commitment to advancing its exploration efforts in Sao Tome and Principe while enhancing its portfolio flexibility.
In parallel, TotalEnergies has secured the maritime concession N-11.2 in the German North Sea through its subsidiary Offshore Wind One GmbH. This concession, located approximately 74.6 miles (120 kilometers) northwest of Heligoland, spans approximately 60.2 square miles (156 square kilometers). It enables TotalEnergies to develop a 3.5-gigawatt (GW) offshore wind hub, leveraging synergies with the adjacent N-12.1 concession won in 2023. The concession is granted for 25 years, extendable to 35 years.
Stéphane Michel, President, Gas Renewable and Power of TotalEnergies, emphasized the strategic significance of these acquisitions for TotalEnergies’ Integrated Power strategy in Germany. He noted that these developments align with TotalEnergies’ goal to contribute to Germany’s decarbonization targets while expanding its renewable energy portfolio.
TotalEnergies is committed to achieving net-zero emissions by 2050, aiming to enhance its portfolio with cost-competitive renewables and flexible assets. As of the end of 2023, the company’s gross renewable electricity generation capacity stood at 22 GW, with plans to increase to 35 GW by 2025 and exceed 100 terawatt-hours of net electricity production by 2030.
The company’s offshore wind portfolio currently exceeds 16 GW in total capacity, primarily comprising bottom-fixed farms.
