$TTE

TotalEnergies SE has moved an ultra-deepwater drillship to Nigeria’s Akpo field for a new drilling campaign. The Noble Black Rhino arrived on Nov. 3, with drilling set to begin on Nov. 13. TotalEnergies operates the field with a 24% stake, alongside CNOOC, Prime 130, and South Atlantic Petroleum. The field is a major source of condensate and natural gas, with Akpo West adding 14,000 barrels of condensate daily in 2024.

PTTEP, TotalEnergies, KUFPEC, and Petronas have agreed to jointly invest in the SK410B Lang Lebah and B14 gas fields off Malaysia. Upon approval, TotalEnergies will operate with a 30% stake, while others hold 25% and 20%. The fields have over 6.5 trillion cubic feet of gas, with combined development expected to optimize costs and operations.

TotalEnergies shares fell 1.93% to €79.14, dropping below their 20-day moving average and nearing the 50-day average. The stock is down 6.45% for the week but up 7.24% for the quarter. Morgan Stanley raised its price target to €82 from €78.

Analysts updated targets for multiple European stocks. Air France-KLM (AFK) saw upgrades from Barclays, Morgan Stanley, and JP Morgan. TotalEnergies (TTE) and Engie (ENGI) received mixed adjustments. Société Générale (GLE) had its target raised by Barclays. Other notable changes include UCB (UCB), Publicis Groupe (PUB), and Sanofi (SAN).

TotalEnergies deployed the Noble Black Rhino drillship to Nigeria’s Akpo field for a new drilling campaign starting 13 November. The field, operated by TotalEnergies, is a major producer of condensate and natural gas. The campaign could expand production and generate additional revenue, but details on expected output and investment are undisclosed. The company faces questions about community benefits and environmental accountability.

Africa's LNG exports are projected to grow 175% by 2034, reaching 98 bcm, driven by investments in Mozambique, Nigeria, Angola, Libya, and Ivory Coast. Mozambique's TotalEnergies (TTE) and Eni (E) projects, along with ExxonMobil's (XOM) Rovuma LNG, are key drivers. Nigeria's Train 7 expansion and Senegal-Mauritania's GTA project also contribute. TotalEnergies' Namibia projects and Tanzania's $42B LNG project, involving Equinor (EQNR) and Shell (SHEL), are notable.

TotalEnergies has secured two drilling rigs from Noble Corporation for $753 million, with potential additional earnings of $297 million. The rigs will support the $10.5 billion GranMorgu oil project in Suriname, aiming for 220,000 barrels per day by 2028. Contracts begin in December 2026, with drilling starting in early 2027.

ADIPEC 2026 in Abu Dhabi focuses on energy security, AI, and investment, with 2,250 exhibitors and 239,000 visitors. Key themes include AI in energy operations, LNG, and low-carbon tech. Companies like BP, Siemens, and ADNOC announced deals, including a 5-year LNG supply agreement. Nigeria's oil production increased by 600,000 barrels per day. The event emphasizes downstream industries and investment opportunities in the Middle East's energy sector.

TotalEnergies published its Energy Outlook, outlining three scenarios for global energy transition through 2060. Investment in low-carbon energy doubled from $1.2T (2015) to $2.1T (2025). China leads in solar, wind, and electric vehicle adoption. Scenarios project temperature increases from 1.8°C to 2.8°C by 2100, with varying impacts on fossil fuel demand and electrification.

TotalEnergies (TTE) signed two LNG supply deals: a 15-year agreement with China’s Jiangsu Guoxin Group for 900,000 tonnes annually from 2028, and a 5-year deal with ADNOC Gas for up to 1.6 million tonnes starting in 2026. Financial terms were not disclosed. Freedom Broker upgraded TTE from Sell to Hold. TTE and Angola’s SONANGOL also agreed to collaborate on reducing methane emissions and improving energy efficiency.