TotalEnergies (TTE) Swaps Gato do Mato Stake for Lapa Oil Field to Boost Production
Located in the Santos Basin, some 270 kilometers off the coast of Brazil, the Lapa field is managed by TotalEnergies SE (NYSE:TTE) as a deep-offshore project. Having received approval back in 2023, the Lapa South-West tie-back development is expected to greatly increase the field's production potential. When the field comes online by the end of this year, this development project is anticipated to increase production by 25,000 barrels per day, bringing Lapa's total production to 60,000 barrels per day.
The deal is in line with TotalEnergies' strategic focus on low-cost, low-emission projects, according to Javier Rielo, senior vice president Americas, exploration & production. He cited TotalEnergies' recent approval of the 2024 Atapu 2 and Sepia 2 projects in Brazil as illustrations of this strategic approach.
A global integrated energy company, TotalEnergies SE (NYSE:TTE) generates electricity, renewable energy, oil, biofuels, and natural gas and green gases.
While we acknowledge the potential of TTE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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