TotalEnergies has entered into an agreement with Global Infrastructure Partners, an affiliate of BlackRock, to secure $1.8 billion in capital. The transaction involves the transfer of ownership of certain midstream oil and gas assets located in Africa to GIP.
The deal follows a sale-and-leaseback structure. TotalEnergies retains operational control of the infrastructure while committing to a tariff arrangement for up to 15 years. These fees are linked to the volume of oil and gas transported through the pipelines.
The specific assets included in the agreement remain undisclosed, though they are part of the company's African portfolio, which includes operations in Angola and Nigeria. CFO Jean-Pierre Sbraire noted that this deal strengthens the partnership with GIP.
TotalEnergies plans to use the $1.8 billion to fund new exploration, support its renewables and LNG businesses, and return capital to shareholders. The company expects continued production growth in Africa to sustain the long-term tariff payments.
