TotalEnergies and BlackRock Sign $1.8B Deal for African Oil and Gas Assets

TotalEnergies and BlackRock's Global Infrastructure Partners GIP have signed a partnership agreement under which GIP will invest $1.8 billion in capital contribution toward some of the French supermajor's oil and gas infrastructure assets in Africa. In exchange for the $1.8 billion capital contribution, TotalEnergies will pay GIP a tariff over a period of up to 15 years, based on the assets' throughput, the French energy giant said on Friday. TotalEnergies did not specify which of its oil and gas infrastructure assets would be part of the partnership agreement. "We are pleased to strengthen our relationship with GIP through this infrastructure agreement which crystallizes the value of some of our midstream infrastructure assets in Africa," commented Jean-Pierre Sbraire, chief financial officer of TotalEnergies. TotalEnergies has recently ramped up its business in Africa's oil and gas sector, with investments in Angola, Namibia, and Uganda.