TotalEnergies has entered into a joint study and application agreement (JSAA) with the junior company BluEnergies to explore the hydrocarbon potential of the deepwater Harper basin offshore Liberia. This agreement could lead to TotalEnergies acquiring a 40% interest in the basin, complementing its existing operatorship of four blocks in the adjacent Liberia basin.

Agreement Structure and Objectives

The JSAA focuses on evaluating blocks 26, 30, and 31, which are covered by reconnaissance licence RL 003. TotalEnergies holds a 65% stake in this licence, with BluEnergies holding 35%. The primary aim is to identify viable drilling prospects through technical studies. If successful, the partners will apply for production sharing contracts for the most promising blocks.

Technical Work Program

The technical evaluation, scheduled over the next 18 months, involves reprocessing 6,167 square kilometres of existing 3D seismic data acquired in 2013, with final products expected in the third quarter of 2026. Additionally, the partners will gather new seabed data, including multi-beam, backscatter, and heat flow surveys, to build a comprehensive picture of the area's potential.

Exploration Prospectivity

Previous studies of the seismic data by BluEnergies identified seven large Upper Cretaceous basin floor fan prospects, named Thea, Apollo, Diana, Zeus, Jupiter, Saturn, and Neptune. The reconnaissance licence RL 003, which replaces BluEnergies' previous RL 002, is valid until 30 June 2027 and covers an area exceeding 8,900 square kilometres.

Background and Personnel

BluEnergies, led by CEO Craig Steinke, initiated exclusive negotiations with TotalEnergies in July 2025 following earlier talks with other operators, culminating in a non-binding memorandum of understanding in October and the subsequent JSAA. The company's technical team includes experienced executives: director Carol Law, known for her role in the Rovuma basin gas discoveries, and head of exploration Sergio Laura, a former Eni veteran who contributed to the Baleine discovery.

Market and Industry Context

The announcement of the JSAA positively impacted BluEnergies' stock, which rose nearly 14% in early trading. In the broader Liberian offshore context, Oranto Petroleum holds four other blocks, in which ExxonMobil had previously shown interest.