TotalEnergies has entered into a 50/50 trading joint venture with Bahrain’s Bapco Energies called BxT Trading. Backed by feedstock flows from Bapco Energies’ 267,000 barrels-per-day refinery, the new entity will leverage TotalEnergies’ international trading hubs in Houston, Geneva and Singapore. The partners aim to develop advanced pricing, analytics and risk-management capabilities, while enhancing responsiveness to regional market dynamics. The joint venture is expected to commence operations in Q3 and supports Bahrain’s strategy to expand its downstream footprint and global market access.

TotalEnergies has agreed to sell its 10% interest in the Renaissance exploration and production licenses in Nigeria to Vaaris Energy. While exiting the upstream equity position, TotalEnergies will retain an economic interest in the associated gas infrastructure assets, including the adjacent 150-million-standard-cubic-feet-per-day Afam gas processing hub. The transaction, subject to regulatory approvals, aligns with the company’s capital reallocation plan and is expected to free up approximately $350 million in liquidity to fund low-carbon and renewables growth initiatives.

In premarket trading, TotalEnergies shares rose 0.71%, approaching their 52-week high, as investors welcomed the dual move to strengthen regional trading and optimize the upstream portfolio. Analysts note that the BxT Trading venture could capture $200 million to $300 million of incremental annual EBITDA by 2028 through refined margin capture, while the Nigeria divestment enhances free cash flow conversion. Management’s focus on reallocating capital toward gas and low-carbon hydrogen projects underpins the company’s strategy to achieve net-zero emissions by 2050.