TotalEnergies Moves Ahead With Nigeria Gas Project, Targets 2028 Start

TotalEnergies SE (NYSE:TTE) shares are trading higher on Wednesday as the company along with partner AMNI took a Final Investment Decision (FID) for the Ima gas field in Nigeria. TotalEnergies holds 40% and operates the project while AMNI holds 60%. TotalEnergies (TTE) jumps on Nigeria Ima gas FID The shallow-water Ima field, near Bonny Island, will be developed with a single platform linked by a 22-kilometer pipeline to Nigeria LNG, in which TotalEnergies holds a 15% stake. The companies expect the production to begin in 2028, reaching a plateau of 350 million cubic feet per day, equivalent to more than 60,000 barrels of oil equivalent per day. The field is expected to supply about one-third of the gas needed for Nigeria LNG’s Train 7 expansion, which will increase liquefaction capacity from 22 million tons per annum to 30 Mtpa. TotalEnergies President Exploration & Production Nicolas Terraz said the Ima FID marks another step in the company’s integrated gas strategy in Nigeria. Following the Ubeta project sanctioned in 2024 and expected to start up next year, he said Ima demonstrates the company’s ability to develop low-cost, low-emissions gas resources and will contribute to Nigeria LNG’s gas supply while creating value for its partners and Nigeria. See More: Top Momentum Stocks Boosts Presence In Africa Last week, TotalEnergies penned a partnership agreement with Global Infrastructure Partners (GIP), part of BlackRock, covering TotalEnergies’ interests in certain oil and gas infrastructure assets in Africa. Under the agreement, GIP will make a $1.8 billion capital contribution to TotalEnergies in exchange for a throughput-based tariff paid over a period of up to 15 years. TotalEnergies Chief Financial Officer Jean-Pierre Sbraire said the agreement strengthens the company’s relationship with GIP while unlocking the value of some of its midstream infrastructure assets in Africa. TTE earnings preview and analyst price-target outlook Following last quarter’s results, investors are now tracking the path toward the next reporting date on October 29, 2026 (confirmed). EPS Estimate: $3.10 (Up from $1.77 YoY) Revenue Estimate: $49.57 Billion (Up from $48.69 Billion YoY) Valuation: P/E of 11.2x (Indicates value opportunity relative to peers) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $97.67. Recent analyst moves include: Piper Sandler: Neutral (Raises Target to $93.00) (Sept. 3) Piper Sandler: Neutral (Target $85.00) (July 23) Mizuho: Initiated with Outperform (Target $103.00) (July 20) Top ETF exposure: NDIV and DIVD holdings of TTE Amplify Energy & Natural Resources Covered Call ETF (NYSE:NDIV): 5.11% Weight Altrius Global Dividend ETF (NASDAQ:DIVD): 2.25% Weight Significance: Because TTE carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock. TTE Price Action: TotalEnergies shares were up 1.19% at $90.92 at the time of publication on Wednesday. The stock is approaching its 52-week high of $94.17, according to Benzinga Pro data. Photo via Shutterstock