TotalEnergies SE (NYSE:TTE) stock rose Tuesday after the company signed a Memorandum of Understanding (MoU) with Kuwait Oil Company (KOC) to enhance collaboration, share expertise, and conduct technical studies.
The MoU specifically covers studies on new exploration opportunities in Kuwait, with TotalEnergies contributing its technical expertise to support these initiatives.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said, “We are pleased to strengthen our cooperation with Kuwait Oil Company through this MoU, which reflects our shared ambition to contribute to Kuwait’s objectives in developing its resources. The studies to be carried out will help inform future projects, while further deepening our long-term relationship with Kuwait.”
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Last week, TotalEnergies, along with Paula Amorim, Chairman of Galp, disclosed that it will take over operatorship of Petroleum Exploration License 83 in Namibia’s Orange Basin.
Also, TotalEnergies disclosed the full restart of Mozambique LNG project activities. The project is 40% complete, and the first LNG is expected in 2029, with nearly all engineering and main equipment procurement completed during the Force Majeure period.
TotalEnergies plans to release fourth-quarter earnings on February 11.
TTE Price Action: TotalEnergies shares were up 1.60% at $71.84 at the time of publication on Tuesday. The stock is approaching its 52-week high of $73.75, according to Benzinga Pro data.
Photo by Vytautas Kielaitis via Shutterstock
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