TotalEnergies has inked an agreement to acquire a 60% interest and operatorship in Block STP02, located offshore Sao Tome and Principe, for an undisclosed sum.  

The French energy giant will acquire the stake from the National Petroleum Agency of São Tomé and Príncipe (ANP-STP). 

The existing licence holders, Sonangol (30%) and ANP-STP (10%), will hold the remaining stakes. 

Block STP02, situated 60km off the coast of Principe, spans 4,969km² and lies within an emerging basin.  

It is situated next to Block STP01, where TotalEnergies also holds a 55% operatorship alongside partners Sonangol and ANP-STP. 

TotalEnergies senior vice-president of exploration Kevin McLachlan said: “Following the encouraging prospectivity interpreted on the 3D seismic data on adjacent Block STP01, TotalEnergies continues to progress its exploration effort in Sao Tome and Principe, by entering this promising licence, thereby maintaining the optionality of the company's portfolio.” 

The completion of this transaction is contingent upon receiving the green light from the relevant authorities.  

This move by TotalEnergies follows the announcement in December 2023 by Petrobras regarding its acquisition of stakes in three exploration blocks within the same region. 

Petrobras, the Brazilian state-owned oil and gas entity, secured a 45% interest in blocks 10 and 13, and a 25% interest in block 11.  

This marked Petrobras' re-entry into exploratory activities in Africa. 

Last week, TotalEnergies agreed to divest its fully owned subsidiary in Brunei to Hibiscus Petroleum for $259m (€242.19m).  

TotalEnergies EP Brunei holds a 37.5% operated interest in the MLJ field in Block B.