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TotalEnergies (TTE) Signs MoU for Algeria's Development
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TotalEnergies SE (TTE - Free Report) announced that it has signed a Memorandum of Understanding (MoU) with Sonatrach, with the aim of concluding a hydrocarbon contract in the north-east Timimoun region, under the aegis of Law n°19-13 governing hydrocarbon activities. This reflects TTE’s aim to expand its strategic partnership with Sonatrach.
In order to lower expenses and emissions, a work program for the evaluation and development of gas resources in the North-East Timimoun region has been outlined in the MoU. This work program will be implemented in conjunction with the current processing facilities for production from the Timimoun field.
Focus on Algeria’s Growth
TotalEnergies is active in oil and gas exploration and production through its interests in the Tin Fouyé Tabankort (TFT II) and Timimoun gas fields, the Berkine Basin oil fields (Blocks 404a and 208) and liquefied natural gas via supply contracts with Sonatrach.
The company produced 51,000 barrels of oil equivalent per day (group share) in Algeria in 2023. Bitumen and lubricants are marketed downstream by TotalEnergies Bitumes Algérie SPA and TotalEnergies Lubrifiants Algérie SPA. This integrated strategy offers a comprehensive offering focused on innovation, complementarity and value generation while ensuring synergies across the many operations.
In 2024, TotalEnergies and Sonatrach renewed their agreement until 2025, thereby expanding their partnership in the liquefied natural gas (LNG) area. Thus, 2 million tons of LNG will be delivered by Sonatrach to TotalEnergies at the port of Fos-Cavaou, close to Marseille, in 2025. This would immediately improve the security of the energy supply in France and throughout Europe.
With fresh investment initiatives that advance national growth, TotalEnergies is dedicated to fostering economic development in the country.
According to Sonatrach, Algeria currently produces 1 million barrels of oil per day and 106 billion cubic meters of natural gas per year. Algeria is actively seeking international energy companies to invest in its energy sector.
In January 2024, ExxonMobil Corporation (XOM - Free Report) opened up about its recent interactions with Algerian oil company, Sonatrach, to begin exploration and production opportunities in the country.
XOM’s long-term (three-to-five-year) earnings growth rate is 3%. It delivered an average earnings surprise of 3.1% in the last four quarters.
Price Performance
In the past three months, shares of TotalEnergies have risen 13.3% compared with the industry’s 17.9% growth.
VLO’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 10.7% in the last four quarters.
The Zacks Consensus Estimate for SND’s 2024 earnings is pinned at 11 cents per share, indicating a year-over-year decrease of 8.3%. The company delivered an average earnings surprise of 214.3% in the last four quarters.
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TotalEnergies (TTE) Signs MoU for Algeria's Development
TotalEnergies SE (TTE - Free Report) announced that it has signed a Memorandum of Understanding (MoU) with Sonatrach, with the aim of concluding a hydrocarbon contract in the north-east Timimoun region, under the aegis of Law n°19-13 governing hydrocarbon activities. This reflects TTE’s aim to expand its strategic partnership with Sonatrach.
In order to lower expenses and emissions, a work program for the evaluation and development of gas resources in the North-East Timimoun region has been outlined in the MoU. This work program will be implemented in conjunction with the current processing facilities for production from the Timimoun field.
Focus on Algeria’s Growth
TotalEnergies is active in oil and gas exploration and production through its interests in the Tin Fouyé Tabankort (TFT II) and Timimoun gas fields, the Berkine Basin oil fields (Blocks 404a and 208) and liquefied natural gas via supply contracts with Sonatrach.
The company produced 51,000 barrels of oil equivalent per day (group share) in Algeria in 2023. Bitumen and lubricants are marketed downstream by TotalEnergies Bitumes Algérie SPA and TotalEnergies Lubrifiants Algérie SPA. This integrated strategy offers a comprehensive offering focused on innovation, complementarity and value generation while ensuring synergies across the many operations.
In 2024, TotalEnergies and Sonatrach renewed their agreement until 2025, thereby expanding their partnership in the liquefied natural gas (LNG) area. Thus, 2 million tons of LNG will be delivered by Sonatrach to TotalEnergies at the port of Fos-Cavaou, close to Marseille, in 2025. This would immediately improve the security of the energy supply in France and throughout Europe.
With fresh investment initiatives that advance national growth, TotalEnergies is dedicated to fostering economic development in the country.
According to Sonatrach, Algeria currently produces 1 million barrels of oil per day and 106 billion cubic meters of natural gas per year. Algeria is actively seeking international energy companies to invest in its energy sector.
In January 2024, ExxonMobil Corporation (XOM - Free Report) opened up about its recent interactions with Algerian oil company, Sonatrach, to begin exploration and production opportunities in the country.
XOM’s long-term (three-to-five-year) earnings growth rate is 3%. It delivered an average earnings surprise of 3.1% in the last four quarters.
Price Performance
In the past three months, shares of TotalEnergies have risen 13.3% compared with the industry’s 17.9% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
The company currently has a Zacks Rank #3 (Hold).
Some better-ranked stock from the same sector are Valero Energy (VLO - Free Report) and Smart Sand (SND - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
VLO’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 10.7% in the last four quarters.
The Zacks Consensus Estimate for SND’s 2024 earnings is pinned at 11 cents per share, indicating a year-over-year decrease of 8.3%. The company delivered an average earnings surprise of 214.3% in the last four quarters.