TotalEnergies Secures $1.8 Billion from GIP for African Assets

TotalEnergies SE secured $1.8 billion in capital from Global Infrastructure Partners, a subsidiary of BlackRock Inc., to fund the company's stakes in various oil and gas infrastructure assets across Africa. Under the terms of the agreement, TotalEnergies will pay a throughput-based tariff to Global Infrastructure Partners for up to 15 years.

Chief Financial Officer Jean-Pierre Sbraire stated the agreement "crystallizes the value of some of our midstream infrastructure assets in Africa." While the company did not name the specific projects involved in this deal, it currently manages several major African ventures, including the East African Crude Oil Pipeline.

This capital injection coincides with broader expansion efforts on the continent. Chief Executive Patrick Pouyanné recently announced a $10 billion investment plan for Angola over the next five years, which includes new concession agreements for exploration blocks in the Lower Congo Basin.