TotalEnergies sanctions Ima gas field offshore Nigeria to supply NLNG Train 7

TotalEnergies Marketing Nigeria Plc shares fell 10% on Friday, September 25, 2026, to N518.40, reducing the NGX Oil and Gas Index by 0.13%. The decline contrasts with the company's improved Q2 2026 financial results, which showed a 22% revenue increase and a return to profitability. Seplat Energy Plc gained marginally, extending its year-to-date increase to 175.44%.

Wall Street analysts highlighted energy, AI infrastructure, and agriculture as key themes. BP (BP) and Chevron (CVX) were upgraded, while TotalEnergies (TTE) saw mixed views. Marathon Petroleum and Akamai (AKAM) were noted for AI infrastructure. Deere & Company (DE) rose on crop price expectations. Moderna (MRNA) faced polarizing views ahead of trial results.

Nigeria's Amni International FZE and TotalEnergies have approved an $800 million offshore gas project, according to Reuters. The project aims to develop gas resources in Nigeria's offshore fields, with TotalEnergies holding a 20% stake.

HSBC upgraded BP's rating, raised Shell's price target, and upgraded TotalEnergies' rating in a research note. The bank expects further growth for these European energy giants, though specific targets and rationale were not disclosed.

TotalEnergies and AMNI International approved the Ima gas field development in Nigeria, targeting 350 million cubic feet of gas per day by 2028. The project, with TotalEnergies holding 40%, will supply Nigeria LNG's Train 7 expansion and feature low-carbon operations. Nicolas Terraz highlighted the project's role in the company's gas strategy and Nigeria's energy supply.

HSBC upgraded TotalEnergies to Buy, raising its price target to EUR93.00. The move is based on revised commodity price assumptions and Middle East disruption impacts. TotalEnergies stock has gained 44% year-to-date. JPMorgan downgraded the stock to Neutral, while Mizuho initiated coverage with an Outperform rating and a $103.00 price target.