TotalEnergies, BluEnergies Sign Liberia Exploration Agreement

MT Newswires Live01-15

TotalEnergies SE (TTE) Liberian upstream unit has agreed to work with BluEnergies to evaluate offshore acreage in Liberia under a joint study and application agreement covering three blocks in the Harper Basin, BluEnergies said Thursday.

Financial terms were not provided.

The agreement sets out a shared technical program intended to define prospects that could support future production sharing contracts, subject to economic viability, the company said.

The oil and gas exploration company said the work plan is expected to run for about 18 months and includes reprocessing existing 3D seismic data and collecting new seabed measurements to improve subsurface analysis.

BluEnergies said the Liberian units of both companies have also secured a new reconnaissance license covering the same offshore blocks, with TotalEnergies holding a 65% participating interest and BluEnergies holding 35%.

The permit runs through June 30, 2027, and replaces BluEnergies' prior reconnaissance license, according to the company.

BluEnergies said exploration spending under both licenses would be recoverable if production sharing contracts are later awarded.

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