TotalEnergies has entered into a 50/50 joint venture with Bahrain’s Bapco Energies to create BxT Trading, a new petroleum products trading platform based in Manama. Backed by feedstock flows from Bapco Energies’ modernized refinery, BxT Trading will capitalize on TotalEnergies’ existing hubs in Houston, Geneva and Singapore and deploy advanced pricing, risk management and market‐analysis tools. The signing ceremony was attended by His Highness Shaikh Nasser bin Hamad Al Khalifa and TotalEnergies CEO Patrick Pouyanné, underscoring the kingdom’s strategy to strengthen its downstream value chain and TotalEnergies’ commitment to expand its Middle East footprint.

TotalEnergies has agreed to divest its 10% equity interest in the Renaissance joint venture licenses off the coast of Nigeria to Vaaris, a regional energy investor, while retaining economic rights to the associated gas‐focused assets. The transaction, which follows a competitive bidding process, allows TotalEnergies to redeploy capital into higher‐value growth projects and underscores its portfolio optimization strategy. The company has indicated that the sale will not affect its operating cash flow guidance for the full year and that the retained gas interests may deliver production growth of up to 5% by 2025.

Following the announcement of these two strategic transactions, TotalEnergies shares rose by 0.71% in premarket trading, trading near the upper band of their 52-week trading range. Analysts at three leading European brokerages have revised their target multiples upward, citing improved portfolio resilience in a low-carbon transition and stronger free cash flow generation from optimized asset allocations. Investors are expected to view the JV as a pathway to incremental trading earnings of approximately $50 million per annum by 2024, while the Nigeria divestiture is forecast to free up roughly $200 million in capital for redeployment.

Patrick Pouyanné, TotalEnergies’ Chairman and CEO, stated on Tuesday that while the company remains open to re‐entering Venezuela, such a move is not high on the strategic agenda given geopolitical risks and ongoing uncertainty over fiscal terms. He emphasized that TotalEnergies will focus its upstream investment on Guyana, East Africa and the Eastern Mediterranean, where the firm expects compound annual production growth of 3% to 4% through 2026, rather than reallocating resources to Venezuelan operations.