## TotalEnergies Stock Rises on Green Hydrogen Deal and North Sea Gas Discovery
TotalEnergies SE (TTE) shares are trading higher in the pre-market on Tuesday, boosted by a pair of positive developments. The company inked a Preliminary Contract for Land Reservation with the Moroccan government for its ambitious ‘Chbika’ project. This agreement clears the way for TE H2 – a joint venture between TotalEnergies and EREN Group – alongside partners Copenhagen Infrastructure Partners (CIP) and A.P. Møller Capital, to begin pre-FEED studies for the project.
The ‘Chbika’ project, situated in Morocco’s Guelmim-Oued Noun region, aims to generate 1 GW of solar and wind energy to power the production of green hydrogen from seawater. This green hydrogen will be converted into 200,000 tons of green ammonia annually, destined for European markets. David Corchia, CEO of TE H2, highlighted the significance of the land reservation agreement, stating, “This signing is a crucial first step in launching our investment program in Morocco. It underscores our commitment to developing green hydrogen initiatives that support the country’s energy transition, industrialization, and job creation.”
Echoing this sentiment, Kim Fejfer, CEO of A.P. Møller Capital, added, “We are proud to take this important step in the development of the green hydrogen industry in Morocco, building on the A.P. Møller Group’s long-standing history with the country. Developing competitive transport infrastructure is integral to our operations and a fundamental aspect of green hydrogen value chains.”
In a separate announcement, TotalEnergies revealed a new gas condensate discovery in the Danish North Sea. The Harald East Middle Jurassic (HEMJ-1X) well, located 250 km off Denmark’s west coast and drilled within the eastern Harald field, unearthed 48 meters of net gas condensate in a high-quality reservoir. Kevin McLachlan, Senior Vice President Exploration at TotalEnergies, emphasized the importance of this discovery, stating that the Harald East Middle Jurassic well, situated near the company’s existing Harald facilities in Denmark, will contribute to the energy supply by “boosting” existing production in the North Sea in accordance with the Danish National Compromise.
These developments come on the heels of TotalEnergies’ recent agreement to acquire a 50% stake in two offshore wind projects in the North Sea from RWE. These projects, N-9.1 and N-9.2, each boast a capacity of 2 GW. Investors interested in gaining exposure to TotalEnergies can explore options like the Advisor Managed Portfolios Miller Value Partners Appreciation ETF (MVPA) and Octane All-Cap Value Energy ETF (OCTA).
TotalEnergies shares are currently up 0.71% at $65.16 in pre-market trading as of the last check on Tuesday. The company’s commitment to green energy and its recent discoveries in the North Sea seem to be driving investor confidence.
