TotalEnergies SE (NYSE:TTE) said Thursday it made a new oil discovery in Angola and plans to bring the project into production just three months after the find.
The energy major also expanded its exploration footprint by taking operated stakes in two additional offshore blocks.
Acacia-5 Heads For Fast-Track Production
TotalEnergies said it discovered oil at Acacia-5 on Block 17, where it holds a 38% operated interest.
The company made the discovery in June 2026 and expects first oil within three months. It plans to connect Acacia-5 to the existing Pazflor floating production, storage and offloading vessel.
The project is expected to add 6,000 barrels per day to Block 17 production.
Acacia-5 marks TotalEnergies’ second exploration success in Angola this year. The company previously participated in a discovery on Block 0 in the Lower Congo Basin. TotalEnergies owns a 10% interest in that Chevron-operated block.
Adds Two Exploration Blocks
TotalEnergies also signed agreements with Angola’s Agência Nacional de Petróleo, Gás e Biocombustíveis to acquire 40% operated interests in Blocks 17/25 and 32/21.
The blocks sit in the Lower Congo Basin and have existing 3D seismic coverage. They are also close to TotalEnergies-operated Blocks 17 and 32, where six FPSOs are producing.
That proximity could allow TotalEnergies to connect future discoveries to existing infrastructure. Such tie-backs could lower development costs and shorten project timelines.
In February, TotalEnergies also signed a Head of Agreement with ANPG and Exxon Mobil Corp. to acquire a 35% interest in Blocks 40, 41, 42 and 58 in the Benguela Basin.
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Angola Remains Key To TotalEnergies
Chairman and CEO Patrick Pouyanné said the latest moves reflect TotalEnergies’ confidence in Angola and its plans to continue exploring the country’s offshore basins.
TotalEnergies has operated in Angola since 1953. The country contributed 156,000 barrels of oil equivalent per day to the company’s production in 2025. Its operated deepwater assets account for about 45% of Angola’s oil production.
TotalEnergies Stock Performance
TotalEnergies stock edged higher Thursday, outperforming a weaker broader market. The stock gained 0.15% to $91.78 at the time of publication, while the Nasdaq fell 1.05% and the S&P 500 declined 0.56%.
The stock remains in a long-term uptrend. TotalEnergies trades 2.7% above its 20-day simple moving average of $89.10 and 13.1% above its 200-day SMA of $80.92. Its 20-day SMA is also above the 50-day SMA, while the 50-day remains above the 200-day.
Momentum remains positive. The MACD is above its signal line, and the histogram is positive. The stock has gained 47.12% over the past 12 months and is approaching its 52-week high of $94.17.
TotalEnergies has a Buy consensus rating and an average price forecast of $97.67. Piper Sandler recently raised its price forecast to $93 from $85 while maintaining a Neutral rating. Mizuho initiated coverage in July with an Outperform rating and a $103 price forecast.
The Benzinga Edge scorecard gives TTE a Momentum score of 81.1 and a Value score of 90.33. Its Growth score is 37.45.
Traders are watching $92 as near-term resistance, followed by the 52-week high of $94.17. Support sits near $85.
TTE Stock Price Activity: TotalEnergies shares were up 0.15% at $91.78 at the time of publication on Thursday, according to Benzinga Pro data.
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