TotalEnergies Raises Egypt Offshore Stake by 10% with $120 M Exploration Push
TTE•TotalEnergies has broadened its offshore Egypt gas exploration by adding a new partner into two Nile Delta concessions, increasing its working interest by 10 percentage points to 50%. The enlarged consortium will allocate about $120 million for 3D seismic surveys and drill one exploration well in H2 2026.
1. Partnership Expansion
TotalEnergies agreed to bring in an additional partner across two offshore Nile Delta concessions, boosting its working interest by 10 percentage points to a 50% stake. The move strengthens the consortium’s regional footprint ahead of planned exploration activities.
2. Equity and Funding
The equity adjustment sees TotalEnergies funding its share of a $120 million exploration budget, covering 3D seismic acquisition and preparatory studies. Other partners will contribute proportionally, maintaining established farm-in arrangements.
3. Exploration Timeline
The consortium aims to complete 250 km of 3D seismic surveys in Q3 2026, followed by spud of the primary exploration well in Q4 2026. Results are expected in early 2027, targeting up to 0.4 Tcf of prospective gas resources.
4. Strategic Context
This expansion aligns with TotalEnergies’ Mediterranean gas growth strategy and Egypt’s plans to boost domestic production. Success could add material volumes to the company’s upstream portfolio and support regional energy security.
