TotalEnergies Expands Suriname Presence With 25% Stake in Block 53

TotalEnergies SE TTE announced that it has signed an agreement to acquire the 25% interest held by Moeve (formerly CEPSA) in Block 53, offshore Suriname. Together with Petronas, which owns 30% of the license, and APA Corporation APA, which controls 45% of the block, TotalEnergies is now a partner in the license.Block 53 is situated directly east of Block 58, where TotalEnergies serves as the operator with a 40% stake. The final investment decision for the GranMorgu development was made in October 2024. The Block 53 license encompasses the Baja-1 discovery, which was drilled close to the boundary of Block 58. This acquisition brings new resources to the development of TTE’s low-cost and low-emission GranMorgu project. It also demonstrates how TotalEnergies will use the GranMorgu infrastructure to expand its production plateau and develop new resources profitably, strengthening the company's position in Suriname's offshore market.Over 750 million barrels of recoverable resources are believed to be contained in the GranMorgu development, which requires a substantial investment of $10.5 billion. The GranMorgu is anticipated to begin production in the first half of 2028, with a capacity of 220,000 barrels per day. Its floating offshore production unit is anticipated to rank among TotalEnergies' largest projects to date.In June 2025, TotalEnergies announced the acquisition of a 25% working interest in a portfolio of exploration leases offshore U.S. from Chevron Corporation CVX. This deal would increase TotalEnergies' offshore U.S. exploration acreage, combining a variety of geological features and prospectivity, and is consistent with the ongoing objective of expanding its exploration portfolio with low-cost and low-emission choices.Focus on Offshore Exploration OpportunitiesThe offshore assets of oil and gas companies provide several benefits, primarily through access to vast and untapped resources under the ocean floor. The offshore fields play a crucial role in meeting the growing global demand for energy and ensuring a steady, reliable supply of oil and gas for both domestic and international markets. Along with TTE, Chevron and ExxonMobil Corporation XOM are focused on offshore exploration opportunities. Chevron has a notable offshore presence in South America, particularly in Suriname and Uruguay, with its exploration and production activities. It is also actively pursuing offshore exploration, particularly in the Gulf of Mexico and the Eastern Mediterranean. Its renewed interest effectively doubles the area available for exploration, expanding the offshore blocks to a vast 18,146 square miles (47,000 square kilometers). This not only increases the possibility of finding commercially viable energy reserves but also opens up opportunities for both CVX and Greece’s energy future.CVX’s long-term (three to five years) earnings growth rate is 8.29%. The Zacks Consensus Estimate for 2025 sales indicates a year-over-year decrease of 6.2%.ExxonMobil is actively involved in offshore oil and gas exploration, with a particular focus on deepwater projects globally. The company has significant acreage positions and ongoing exploration activities in areas like Guyana, Brazil and the Eastern Mediterranean. Additionally, ExxonMobil is pursuing exploration opportunities offshore India. XOM’s long-term earnings growth rate is 8.19%. It delivered an average earnings surprise of 3.6% in the past four quarters.TTE Stock’s Price PerformanceIn the past six months, shares of TotalEnergies have risen 11.5% compared with the industry’s 9.1% growth.     Image Source: Zacks Investment ResearchTTE’s Zacks RankThe company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Exxon Mobil Corporation (XOM): Free Stock Analysis Report APA Corporation (APA): Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks