TotalEnergies To Power Europe With Moroccan Green Hydrogen And New North Sea Gas Find

TotalEnergies SE TTE shares are trading higher premarket on Tuesday. The company inked a Preliminary Contract for Land Reservation with the Moroccan government for the ‘Chbika' project.

This agreement allows TE H2 — a joint venture between TotalEnergies and EREN Group — and partners Copenhagen Infrastructure Partners (CIP) and A.P. Møller Capital, to initiate pre-FEED studies.

The ‘Chbika’ project in Morocco’s Guelmim-Oued Noun region aims to generate 1 GW of solar and wind energy to produce green hydrogen from seawater, creating 200,000 tons of green ammonia annually for Europe.

David Corchia, CEO of TE H2, stated, "The signing of this Preliminary Contract for Land Reservation is a decisive first step for the launch of our investment program in Morocco. It demonstrates our commitment to developing green hydrogen initiatives that support the country's energy transition, industrialization and job creation.”

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 part of what we do and a fundamental part of green hydrogen value chains.”

Apart from this, TotalEnergies disclosed a new gas condensate discovery in the Danish North Sea with the Harald East Middle Jurassic (HEMJ-1X) well, located 250 km off Denmark's west coast.

Drilled in the eastern Harald field, the well revealed 48 meters of net gas condensate in a high-quality reservoir.

Kevin McLachlan, Senior Vice President Exploration at TotalEnergies, stated that the Harald East Middle Jurassic well, near the company’s Harald facilities in Denmark, will contribute to the energy supply by “boosting” existing production in the North Sea in line with the Danish National Compromise.

This month, the company agreed to acquire a 50% stake in two offshore wind projects in the North Sea from RWE, specifically N-9.1 and N-9.2, each with a capacity of 2 GW.

Investors can gain exposure to the stock via Advisor Managed Portfolios Miller Value Partners Appreciation ETF MVPA and Octane All-Cap Value Energy ETF OCTA.

Price Action: TotalEnergies shares are up 0.71% at $65.16 premarket at the last check Tuesday.

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