TotalEnergies begins work on next Namibia project
TotalEnergies has moved to the next well in its campaign in Namibia after discovering more oil resources in the Orange Basin.
Namibia has become an exploration hotspot over the past few years following significant discoveries including TotalEnergies' Venus-1 well and Shell's Graff-1, La Rona-1 and Jonker-1.
Since then, many oil and gas companies have started to engage in drilling activity.
TotalEnergies has completed the drilling at Tamboti-1X and is beginning spudding (the very first drilling operation for a newly discovered reservoir) at the Marula-1X exploration in Block 2913B (PEL 56), offshore Namibia.
TotalEnergies is the operator of Block 2913B in PEL 56, which covers approximately 8,215km² offshore Namibia, and owns 50.5% of the operation.
The joint venture partners are QatarEnergy (30%), Africa Oil's Impact Oil and Gas (9.5%) and Namibia's NAMCOR (10%).
Impact Oil & Gas announced the completion of the Tamboti-1X exploration well and the spudding of Marula-1X.
Africa Oil president and CEO Roger Tucker said: 'The Venus project is progressing well, and we are very encouraged by the operator's public statements on the commerciality and the quality of this field.'
He added that there is "also an exciting exploration programme with Marula-1X operations under way and the plan to start drilling [the] Olympe-1X well by the end of 2025."
The drilling operations at Marula-1X are being carried out by a semi-submersible rig owned by Northern Ocean (NOL) and managed by Odfjell Drilling.
In other news, TotalEnergies recently dismissed tariff fears by unveiling plans to expand the company's investment in the US liquefied natural gas market over the next decade.
"TotalEnergies begins work on next Namibia project " was originally created and published by Offshore Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
TotalEnergies forms AI partnership with French startup Mistral
(Reuters) -French oil major TotalEnergies and French startup Mistral will partner to boost the application of artificial intelligence (AI), the two companies said on Thursday. The collaboration will establish a joint innovation lab focused on AI bringing together experts from both companies, the companies said in a statement. Sign in to access your portfolio
Yahoo
4 hours ago
- Yahoo
TotalEnergies forms AI partnership with French startup Mistral
(Reuters) -French oil major TotalEnergies and French startup Mistral will partner to boost the application of artificial intelligence (AI), the two companies said on Thursday. The collaboration will establish a joint innovation lab focused on AI bringing together experts from both companies, the companies said in a statement. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Better Energy Stock: TotalEnergies vs. Chevron
Chevron is an international energy giant with a 4.8% dividend yield. TotalEnergies is also an international energy giant with a 6.5% dividend yield. Chevron has a long streak of annual dividend increases, but TotalEnergies has a growing electricity division. 10 stocks we like better than Chevron › For investors, choosing between two similar companies to add to a portfolio can be a challenging process. Chevron (NYSE: CVX) and TotalEnergies (NYSE: TTE) offer a great example of this. Both are integrated energy giants. Both stocks offer high yields. But they have slightly different positive and negative attributes. So which one might be the better fit for your dividend portfolio? As integrated energy companies, Chevron and TotalEnergies have operations in the upstream segment (oil and natural gas production), the midstream segment (energy transportation), and the downstream segment (chemicals and refining). Each part of the energy industry operates a little differently from the others, and having exposure across all of them helps soften the impacts that volatile commodity prices can have on their results. Oil and natural gas prices are still the main driver of each company's financial results, and have huge impacts on their stock prices. But compared to pure-play drillers or chemical companies, Chevron and TotalEnergies tend to get through the typical energy cycle more easily. Each of these companies also has material geographic diversification. That said, Chevron is a U.S. company and it tends to have more exposure to its home market. TotalEnergies is a French company and it tends to have more exposure to Europe. Overall, however, the energy businesses are fairly similar. But these two companies are not interchangeable. That is highlighted by the fact that at their current share prices, Chevron's dividend yield is 4.8% and TotalEnergies yield is 6.5%. And the differences matter here. If you are an income investor, you'll be interested to know that Chevron has increased its dividend annually for 38 consecutive years. That's an impressive record given the inherent volatility of the energy sector. TotalEnergies's track record isn't as impressive, but it has gone through different dividend policies. Like most European companies it was a semi-annual payer before more recently shifting to quarterly payments. And for a stretch it targeted a set percentage of free cash flow, which meant its dividend varied. However, it has paid dividends for decades and more recently has focused on a progressive dividend, meaning it has been steadily increasing its payouts of late. Notably, however, when its European peers BP and Shell cut their dividends in 2020, TotalEnergies maintained its dividend, with management specifically stating that it was aware of the importance of the payment to its shareholders. On dividend reliability, Chevron wins, but TotalEnergies isn't exactly a bad deal. Chevron's balance sheet is among the strongest of its closest peer group, with a debt-to-equity ratio of around 0.2. TotalEnergies' debt-to-equity ratio is 0.5. That's much higher, of course, but TotalEnergies carries more debt and more cash. For example, Chevron ended the first quarter of 2025 with around $4.6 billion in cash on its balance sheet while TotalEnergies had $29 billion. Having less debt is better than having more debt and more cash, but TotalEnergies is still a financially strong company. This point is probably a wash. TotalEnergies is making a public push to use its fossil fuel profits to expand into the electricity space, with a focus on renewable power. This part of the business made up around 10% of its adjusted net operating income in 2024. Chevron is sticking more closely to its core oil and natural gas operations. If you are looking for an energy company that is adjusting today for a future world that relies more on clean energy, TotalEnergies is the easy winner. To be fair, BP and Shell have both discussed doing something similar. But they each used a clean energy shift as the excuse for their 2020 dividend cuts. Then, they both walked back their clean energy plans. TotalEnergies actually made the change and didn't resort to a dividend cut. So it stands out from Chevron, BP, and Shell when it comes to renewable energy. Chevron is facing some company-specific issues right now, including an acquisition that isn't going as well as hoped and some geopolitical upheaval around its operations in Venezuela. That's why its yield is so attractive relative to U.S. peer ExxonMobil, which has a yield of just 3.8%. TotalEnergies' dividend yield isn't quite as good as it looks, meanwhile, because U.S. investors have to pay French fees and taxes on it (though some of that can be claimed back come April 15). All in all, there are a lot of positives and negatives to consider with these two high-yield integrated energy giants. My preference is to err on the side of clean energy since the world is clearly in the middle of an energy transition. Add in the lofty yield and management's dividend support during the pandemic, and it's clear that TotalEnergies is a better fit for my portfolio based on my general beliefs about the future of the energy sector and income desires. But there's a strong case to be made for investing in Chevron, too, particularly if you prefer to keep your taxes as simple as possible and if you prize dividend consistency as much as dividend yield. Before you buy stock in Chevron, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Chevron wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $649,102!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $882,344!* Now, it's worth noting Stock Advisor's total average return is 996% — a market-crushing outperformance compared to 174% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Reuben Gregg Brewer has positions in TotalEnergies. The Motley Fool has positions in and recommends Chevron. The Motley Fool recommends BP. The Motley Fool has a disclosure policy. Better Energy Stock: TotalEnergies vs. Chevron was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
